(1) Despite the provisions of section 7 of the Income Tax Act on the expiration of the tax holiday period, the net losses incurred during that period, may be carried forward for the purpose of set-off in computing the profits of an approved enterprise for the 5 years period following the tax holiday period.
(2) Where the order declaring an enterprise an approved enterprise is revoked by virtue of section 16(3), such an enterprise shall, for the purposes of carrying forward net losses incurred prior to the revocation of the order, be deemed to be an approved enterprise.
(3) For the purposes of this section “net losses” means the excess of all losses over all profits made during the tax holiday period.