(1) The provisions of the Income Tax Act shall apply to an approved enterprise, from the first year of income following the year of income during which the tax holiday period ends, except that a deduction as an initial allowance for capital expenditure shall only be in respect of expenditure incurred after the expiration of the period of exemption from income tax.
(2) Any loss incurred by an approved enterprise during the tax holiday period may be set-off in accordance with the provisions of section 15(1).