Section IC 13 — Income Tax Act 2007: Variation of requirements for development companies in Niue

IC 13 Variation of requirements for development companies in Niue When this section applies (1) This section applies in relation to the required common ownership of group companies set out in sections IC 2(2) , IC 3 , and IC 5(1)(a) for the purposes of providing relief to company A for losses incurred in connection with development work in Niue. Order in Council (2) The Governor-General may make an Order in Council varying the threshold in section IC 3(1)(a) and (b) applying to company A if satisfied that the company— (a) is carrying on a business or enterprise that— (i) has been or is carried on wholly or mainly for the development of Niue: (ii) has been or is important to the development of Niue; and (b) has incurred expenditure wholly or mainly in deriving income from Niue or in the course of carrying on a business or enterprise in Niue for the purpose of deriving income. Named company (3) For the purposes of subsection (2), company A must be a company named in the order. Application of order (4) The order may specify a period or periods to which it applies. If no period is specified, the order applies to the whole commonality period. Defined in this Act: business , commonality period , company , group of companies , income Section IC 13: added (with effect on 1 April 2008), on 6 October 2009, by section 299 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).