Rural Development Incentive
The Rural Development Incentive provides a ten (10) year exemption from income tax for businesses carrying out prescribed rural industry in a prescribed rural development area. To qualify, the income must be earned from carrying on business in a rural development industry (although, not all the income of a business is necessarily exempted).
A seven (7) year period of exemption from income tax for the profits made from the export of a new manufactured product is offered as Export Incentive.
Various businesses are encouraged to invest in capital assets by being allowed to claim Accelerated Depreciation on certain items of plant or articles (which include buildings). This can either be in the form of 100% accelerated depreciation (that is the cost of an item or plant be wholly written off in the year of acquisition, or in the form of an additional 20% deduction that can be claimed).