s 26 Application for approval for investment tax allowance
(1) Subject to subsections (2) and (3) , any company participating or intending to participate in Malaysia in a promoted activity or in the production of a promoted product may make an application in writing to the Minister for approval for purposes of an investment tax allowance: Provided that where an application is made by a company participating or intending to participate in Malaysia in a promoted activity or in the production of a promoted product and that company is controlled directly or indirectly by— (a) a pioneer company or a company which has been granted approval for the purposes of an investment tax allowance under section 27 participating in the same promoted activity or promoted product as that company; (b) a company granted pioneer status in relation to the same promoted activity or promoted product as that company; or (c) a post-pioneer company or a company which has been granted approval for the purposes of an investment tax allowance under section 27 and the period as prescribed under paragraph 29(2)(b) or 29(2)(c) has ended, the application shall be considered if it fulfills such conditions as may be prescribed by the Minister in a statutory order to be published in the Gazette. (2) A pioneer company or a company which has been granted pioneer status or an approval under section 27, shall only be eligible to apply for investment tax allowance under subsection (1) in respect of a promoted activity or promoted product other than the promoted activity or promoted product for which a pioneer certificate has been issued or pioneer status or investment tax allowance has been granted. (3) Where a company has been granted pioneer status in respect of a promoted activity or promoted product, it may be eligible to apply for approval for purposes of an investment tax allowance under subsection (1) upon the surrender of the grant of pioneer status in respect of that promoted activity or promoted product: Provided that this subsection shall only apply where the Minister is satisfied with the reasons for the surrender of the pioneer status in respect of that promoted activity or promoted product. (4) An application made under subsection (1) shall be in accordance with such regulations as may be made under this Act.