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lease term "lease term" means — (i) the period for which the lessee has contracted to lease an asset; or (ii) where a lease arrangement has been terminated earlier than its expiry the actual period of the lease: Provided that where the lessee exercises an option to continue to lease the asset such further term shall constitute a new lease term.
PU(A) 131/1986 - INCOME TAX LEASING REGULATIONS, 1986
4. Interpretation. |
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See Also: Translator EN-BM |