(1) The provisions of the Income Tax Act shall apply to an applicant 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) An exemption under subsection (1) shall not apply unless approval of such exemption is given by Cabinet following an application made under section 4.
(3) Where an applicant of an approved agricultural project no longer requires the benefit of an agriculture or fisheries incentive during the approved tax holiday period, the exemption provided under subsection (1) shall cease to apply from the date of cessation of such use.
(4) Notwithstanding section 9(6), where an approved agricultural input or product is sold during the tax holiday period but continues to be used for agricultural purposes, the exemption provided by this section shall continue to apply to the new owner or the lessee, as the case may be, for the remainder of the period.
(5) The commencement and termination date for the purposes of subsection (1) shall be determined by the Minister by an Order published in the Gazette.