s 48 Application of this Act to tax relief period
(1) Notwithstanding section 45, where the tax relief period of a company which has been issued with a pioneer certificate or granted an approval under section 12A of the repealed law has not ended as at the 1 January 1986, the company may apply to the Minister for approval for this Act to apply in respect of its tax relief period. (2) Where the Minister grants an approval in respect of an application made under subsection (1), the repealed law relating to the tax relief period of that company shall cease to apply and this Act shall apply in respect of the tax relief period of the company: Provided that the total tax relief period of the company shall not exceed five years from its production day which has been determined under the repealed law but the company shall, at the end of that tax relief period and subject to section 14A, be eligible to apply for an extension of that tax relief period under section 14A.