(1) An approved development shall, during the development period, be exempt from the payment of the taxes and duties specified in paragraphs 1, 2 and 3 of Schedule 1. (Amended by Act 12 of 2016)
(2) An approved development may be granted investment tax credits for qualifying expenditure during the incentive period in respect of customs duties and excise tax on the importation and the local purchase of food and beverage. (Inserted by Act 12 of 2016)
(3) An approved developer who is granted investment tax credits under subsection (2) for qualifying expenditure during the incentive period shall —
(a) maintain in a special account a statement showing on a monthly basis the investment tax credits earned and the amount utilized and the unutilized amounts available for application until expiry of the development period;
(b) submit to the Permanent Secretary within the Ministry responsible for finance and the Ministry responsible for tourism on a monthly basis the details of the special account referred to in paragraph (a).
(Inserted by Act 12 of 2016)