Cap. 325 Art. 14Feasibility studies.

Any expenses and outgoings on feasibility studies incurred on or after lst June, 1987 by a company constituted on or after that date shall, when such expenses or outgoings are wholly and exclusively incurred for the purposes of a trade or business which entitles or may entitle the company to be a qualifying company for the purposes of this Act, and to the extent to which such expenses and outgoings are wholly and exclusively so incurred, be deemed for the purposes of article 14(1) and of article 26 of the Income Tax Act, to have been incurred by that company not earlier than the first day on which the said trade or business is carried on, and, in any case, as being properly deductible in computing the amount of the gains or profits arising from the trade or business for the purposes of the said Act:

Provided that with effect from such year of assessment as may be determined by the Minister by order in the Gazette†, the provisions of this article shall only be applicable to expenditure incurred in the year preceding that year of assessment and in the basis year in relation to the following year of assessment.