Section 165

(1) Notwithstanding anything contained in section 20 of this Act, for
for research
the purpose of ascertaining the profit or loss of any company for any period
and
from any source chargeable with tax under Chapter Two of this Act, there
development
shall be deducted the amount incurred in that period by that company for
research and development.
(2) The deduction to be allowed to a company under subsection (1) for
any year of assessment shall not exceed an amount which is equal to 5% of
the turnover for that year.
(3) Where a company to which this section applies subsequently sells or
transfers the outcome of the research and development to another person for
exploitation or commercialisation, the proceeds of such sale or transfer shall
be taxed under Chapter Two of this Act.
PART II – ECONOMIC DEVELOPMENT TAX INCENTIVES