20. Insertion of new section 59C in the principal enactment

The following new section is hereby inserted immediately after section 59B of the principal enactment and shall have effect as section 59C of that enactment:-

59C. (1) The profits and income within the meaning of paragraph (a) of section 3, (other than any profits and income from the sale of any capital asset), of any existing undertaking referred to in subsection (2), and carried on by any person or partnership, shall notwithstanding anything to the contrary in any other provisions of this Act, be taxable at the appropriate rate specified in the Fifth

Schedule to this Act for a period of five years reckoned from the commencement of the year of assessment in which such undertaking satisfies the minimum investment as specified under subsection (2).

“Rate of income tax applicable to strategic import replacement undertaking after the expiry of the period of exemption.

“Tax rate applicable to strategic import replacement undertakings.

For the purpose of subsection (1),