S.L. 325.6 Art. 20Copy of income tax returns and notice to the Corporation.

(1) A company which claims a benefit provided by the Act or these regulations in year of assessment 2001 or subsequent years of assessment, shall furnish the Corporation with a copy of every income tax return, audited financial statements, TIFD documents, and any other information or documents concerning its chargeable income derived from its trade or business for any year of assessment in which it claims a benefit, within three months from the earlier of:

(i) the last date on which it is obliged to file such returns and documents with the Department of Inland Revenue; or

(ii) the date on which it filed its such returns and documents with the Department of Inland Revenue;

and where a company submits any further returns, adjustments or any other information pertaining to the aforementioned returns or documents, it shall also furnish the Corporation with a copy thereof within three months of it having provided the Inland Revenue with such further returns, adjustments or other information.

(2) A qualifying company which has claimed any benefit provided by or under the Act in respect of year of assessment 2000 shall furnish the Corporation with a copy of its income tax return for year of assessment 2000 by not later than the 30th June 2001 or such later date as the Corporation may determine.

(3) A qualifying company which intends to benefit from any of the incentives provided by articles 4, 5 and 5A of the Act in any year subsequent to year of assessment 2000 shall notify the Corporation of such intention by the 30th June, 2001, or such later date as the Corporation may determine, specifying:

(a) the likely years of assessment in respect of which it intends to qualify for the benefit provided by article 4 of the Act or for the benefit provided by article 5 of the Act by virtue of article 5(6)(b);

(b) the likely number of years of assessment in respect of which it intends to qualify for the benefits provided by article 5A of the Act or the incentive provided by article 5 of the Act, other than by virtue of article 5(6)(b) of the Act;

and where a qualifying company specifies that it intends to so qualify, such company may, and if requested by the Corporation shall, provide statements, business plans or financial projections in support of its intention to so qualify.

(4) A qualifying company which intends to benefit from any of the incentives provided by articles 4, 5 and 5A of the Act in any year subsequent to year of assessment 2002 shall, irrespective of the fact that it has already notified the Corporation in terms of sub-regulation (3), notify the Corporation of such intention not later than thirty (30) days from the 9th August, 2002, or such later date as may be determined by the Corporation, by completing the form set out in the schedule, which is published in the English language only, and any company which fails to notify the Corporation as herein provided shall forfeit its right to be eligible to the benefits provided by those articles.

(5) A qualifying company may only be entitled to the incentives provided by articles 4, 5 and 5A of the Act, in any year of assessment subsequent to year of assessment 2002, only as indicated by it in its notification to the Corporation in terms of sub-regulation (4).