Section 59B: Offset and carry forward of investment tax credit

59B. Offset and carry forward of investment tax credit A company to which section 24 (7) or (8) apply may— (a) in respect of the investment tax credit referred to in section 24 (7) or (8) carry forward the investment tax credit for a period of 6 consecutive years from the income year in which the investment was made; (b) offset the investment tax credit against past tax liability but no refund will be made in respect of tax already paid or 30 per cent of assessed tax paid on objection, without prejudice, however, to such amount being carried forward and offset by that company against income tax payable as from 1 September 2016; (c) offset the investment tax credit against the past tax liability if the amount to be paid is still currently under dispute, provided that those sections shall not apply to a company which has a dispute pending before any court or other judicial or quasi-judicial body that may involve the application of those sections unless the company withdraws or otherwise abandons such dispute. [S. 59B inserted by s. 27 (j) of Act 18 of 2016 w.e.f. 7 September 2016.] [Issue 9] I5 – 46 Revised Laws of Mauritius