Section 59: (a) Subject to sub-item (b), income
This section is inserted by Finance Act 2022, section 31.
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
59. (a) Subject to sub-item (b), income
derived by a company issued with a certificate as a
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freeport operator or private freeport developer under
the Freeport Act, provided that –
(i) it has started its operations
on or after 1 July 2022;
(ii) it has invested not less than
50 million rupees in its
operations; and
(iii) it satisfies such conditions
relating to the substance
of its activities as may be
prescribed.
(b) The exemption under this item
shall be for a period of 8 succeeding income years
as from the income year in which the company started
its operations.