S.L. 233.11 Art. 12Effects of registration - exemption.

(1) Upon registration, the beneficial owner of the eligible assets registered under this Scheme and in whose name or for whose benefit a Registration Certificate has been issued pursuant to these regulations shall be entitled to the exemptions referred to in article 9B of the Income Tax Act:

Provided that in the case of an eligible asset to which the proviso to regulation 6 applies, notwithstanding the provisions of article 9B of the Income Tax Act, the exemption from tax on income referred to in sub-article (2)(a) of the said Act shall not apply and the exemption from tax on income referred to in sub-article (2)(b) of the said Act shall apply to the extent that the said income has not been declared in any income tax return which has been furnished to the Commissioner by 4 November 2013, and no tax has been assessed with respect thereto in any assessment raised under the Income Tax Acts and notified before 31 May 2014.

(2) The submission by the applicant of false statements and/or documents required under these regulations shall:

(a) nullify the Registration Certificate as if that Registration Certificate had never been issued; and

(b) render the applicant ineligible to the benefits and exemptions granted under the Scheme.