Section 49C: Real Estate Investment Trust (REIT)

49C. Real Estate Investment Trust (REIT) (1) Subject to this section, no REIT shall be liable to income tax, provided it satisfies such conditions as may be prescribed. (2) Subject to the other provisions of this Act, every beneficiary or participant to a REIT, as the case may be, shall be liable to income tax on his share of the distribution made by the REIT at the appropriate rate specified in the First Schedule. (k) in section 50K, in the definition of “company” – (i) in paragraph (e), by deleting the words “Act;” and replacing them by the words “Act, in respect of income derived from export; and”; (ii) by adding the following new paragraph, the word “and” at the end of paragraph (d) being deleted – (f) a REIT; (l) in section 50L – (i) by deleting the words “National CSR” wherever they appear and replacing them by the words “National Social Inclusion”; (ii) by inserting, after subsection (4), the following new subsection – (5) Where, in respect of a year of assessment, the Director-General has reason to believe that money has not been spent in respect of a CSR Fund as specified in subsection (2)(b), he may raise an assessment under section 129. 328 Acts 2019 (iii) by adding the following new subsections – (14) For the purpose of subsection (1), where a freeport operator or private freeport developer is engaged in the sale of goods on the local market, CSR fund shall be calculated using the formula set out below – a x c x 2 per cent b where – a is the gross income derived from sale of goods on the local market for the preceding year b is the gross income derived from all the activities of the freeport operator or private freeport developer for the preceding year c is the chargeable income for the preceding year (15) Nothing in this section shall prevent the functions of the National Social Inclusion Foundation from being performed by the National CSR Foundation for so long as the National CSR Foundation is in existence. (m) in section 57, by inserting, after the words “section 18”, the words “and 24A”; (n) in section 59A – (i) in subsection (3), by deleting the words “subsection (1)” and replacing them by the words “subsections (1) and (3A)”; (ii) by repealing subsection (3A) and replacing it by the following subsection – (3A) Notwithstanding section 59(2), where there is a change in the shareholding of more than 50 per cent in a manufacturing company or in a company facing financial difficulty which has accumulated Acts 2019 329 unrelieved losses, the losses may be carried forward, provided the Minister is satisfied that the conditions relating to safeguard of employment or other conditions that the Minister may impose are complied with. (o) by inserting, after section 67G, the following new sections –