Income Tax (Exemption) (No. 20) 2007 (Amendment) Order 2023 [P.U. (A) 304, gazetted on 09/10/2023], is an order to amend the Income Tax (Exemption) (No. 20) 2007. It includes changes to the definition of “qualifying activity,” the commencement date, and the expiration date.
The definition of “qualifying activity” in the Income Tax (Exemption) (No. 20) 2007 was amended to mean the activity as provided under subparagraph 2A(2).
Specifically, for the Order, “qualifying activity” is defined as an activity specified in column (3) of the Schedule to the sector as set out in column (2) of the Schedule, which is approved by the Minister. Except for paragraphs 2, 3, and 5, the amended order is deemed to have come into operation from the year of assessment 2021. Paragraphs 2 and 3 and subparagraph 5(a) are deemed to have come into operation from the year of assessment 2007. Subparagraphs 5(b) and (c) are deemed to have come into operation on 1 January 2021.
