Cap. 463 Art. 6Rules on tax treatment of benefitsandcertain undertakings.

(1) Notwithstanding any provisions of the Income Tax Act or of any other applicable fiscal law, incentives, benefits and grants in terms of schemes that may be developed by the Corporation to give effect to this Act, shall be exempt from tax in the hands of the relevant beneficiary, provided that such grants do not take the form of income substitution.

(2) The Minister may make regulations to lay down the conditions relating to accounting, record keeping and reporting to the Corporation for the enjoyment of the exemption stated in the preceding subarticle.

(3) Where any benefit provided by these regulations or by the Act is due to a partnership or other undertaking and, in accordance with the Income Tax Acts, the partners or members thereof and not the partnership or undertaking itself are assessable to tax on any income of such partnership or undertaking, any benefit provided in terms of this Act to a partnership or undertaking shall be due to the partners or members of any such partnership or undertaking.