s 40A Application for approval of activities
40A.—(1) A company engaged in any industry may apply to the Minister for an activity to be approved as an approved activity for the company for the purposes of this Division if —(a) the company is engaged in or desires to engage in that activity; and (b) for the purposes of carrying on that activity, the company has entered into or is desirous of entering into an agreement or arrangement with a non‑resident person under which royalties or technical assistance fees or contributions to research and development costs are or will be payable to the non‑resident person. (2) A company may make an application under subsection (1) for more than one activity. (3) An application under subsection (1) must be made in writing, in the form and contain the particulars specified by the Minister. (4) Where the Minister is satisfied as to the bona fides of an application and that it is expedient in the public interest to do so, the Minister may —(a) subject to any conditions that the Minister considers appropriate, approve an activity in the application as an approved activity for the company; and (b) issue to the company a certificate certifying the approval. (5) Every approved activity certificate issued to a company must specify —(a) the approved activity; and (b) the period of approval for the approved activity. (6) Where the Minister grants approval to a company for 2 or more activities, the Minister may issue a single certificate in respect of those activities. (7) Approval under this section may only be granted during the period between 1 April 2023 and 31 December 2028 (both dates inclusive). (8) This section applies whether the agreement or arrangement mentioned in subsection (1) was or is entered into before, on or after 1 April 2023.[Act 39 of 2023 wef 01/04/2023]