s 40E Amendment of approved activity certificate
40E.—(1) The Minister may, upon the application of a company —(a) revoke the approval for an approved activity for that company by removing that activity from an approved activity certificate of the company and specifying in the certificate the date from which the revocation takes effect; or (b) subject to any conditions that the Minister considers appropriate, approve an activity as an approved activity for that company by adding to an approved activity certificate of the company that activity, the date from and including which the activity is an approved activity, and the period of approval for that activity, if —(i) section 40A(1)(a) and (b) is satisfied in relation to that activity; and (ii) the Minister is satisfied —(A) as to the bona fides of the application; and (B) that it is expedient in the public interest to do so. (2) Section 40B applies to a company in relation to an activity (A) approved as an approved activity under subsection (1)(b), as if a reference to a certificate issued to a company in respect of an approved activity is a reference to a certificate amended under subsection (1)(b) to add activity A. (3) Section 40C applies to a company in relation to any application for the approval of an activity (B) under subsection (1)(b), with the following modifications:(a) any reference to royalties or technical assistance fees or contributions to research and development costs mentioned in section 40A(1)(b) is a reference to royalties or technical assistance fees or contributions to research and development costs payable to a non‑resident person, under an agreement or arrangement with that non‑resident person, that the company has entered into or is desirous of entering into for the purposes of carrying on activity B; (b) any reference to an application under section 40A(1) is a reference to such an application for approval of activity B under subsection (1)(b); (c) any reference to a condition imposed on the company under section 40A(4)(a) is a reference to a condition imposed for activity B under subsection (1)(b). (4) Section 40D applies to a company in relation to an activity (C) approved as an approved activity under subsection (1)(b), as if a reference to an approval under section 40A for an activity is a reference to an approval of activity C under subsection (1)(b). (5) The Minister may, upon the application of a company or on the Minister’s own initiative, amend an approved activity certificate issued to a company by extending or shortening the approval period of an approved activity specified in the certificate under section 40A(5)(b) or subsection (1)(b). (6) The Minister may, upon the application of a company or on the Minister’s own initiative, amend an approved activity certificate of the company —(a) by replacing any tax incentive specified in the certificate for an approved activity, with another tax incentive (including, in the case of a concessionary rate of tax, a different concessionary rate of tax) for the purpose of any relevant royalties, fees or contributions for the approved activity that is payable on or after a specified date to a non‑resident person; or (b) by adding to, varying or revoking any condition in the certificate for the application of a tax incentive to any relevant royalties, fees or contributions for an approved activity that is payable on or after a specified date to a non‑resident person, and section 40B(5) and (6) applies accordingly to such relevant royalties, fees or contributions payable to the non‑resident person on or after that specified date. (7) In this section, “approval period”, “relevant royalties, fees or contributions” and “tax incentive” have the meanings given by section 40B(1) and (8).[Act 39 of 2023 wef 01/04/2023]