(1) Within the times stated in subsections (2) and (3), a development company shall, with respect to each financial year or part of a financial year of its development enterprise which falls within its tax holiday period, submit to the Minister a report in writing on the conduct and progress of such enterprise together with accounts for such year or part thereof as aforesaid duly audited by an auditor approved by the Minister. Such accounts shall contain a statement giving full particulars of all capital expended on the development enterprise and shall show how this capital has been depreciated during the financial year or part thereof in question.
(2) Where the close of a financial year of a development company falls within the tax holiday period of such company, the reports and accounts required to be submitted to the Minister under the preceding subsection shall be so submitted within 6 months from the date of the close of such financial year.
(3) Where a financial year of a development company falls partly within and partly outside of its tax holiday period, the report and accounts required to be submitted to the Minister under subsection (1) in respect of that part of its financial year which falls within its tax holiday period shall be so submitted within 6 months from the end of its tax holiday period.