The ORSTA defines "tangible personal property" to include computer programs and "taxable services" to include "labour provided to install, assemble, dismantle, adjust, repair or maintain tangible personal property, and any contract for the service, maintenance or warranty of tangible personal property.
Section 7(1) 62 of the ORSTA provides an exemption from taxation for computer programs "designed and developed to meet the specific requirements of the initial purchaser.
Paragraph 7(1) 62 of the ORSTA exempts from tax "[c]omputer programs designed and developed to meet the specific requirements of the initial purchaser, but only in such circumstances as the Minister may prescribe.
In acquiring the shares of the two ORSTA companies, Commercial will obtain all assets, liabilities and tax loss carry forwards of the existing businesses.
Possessing complementary products, excellent engineering expertise and capabilities, and centrally located to serve customers in Eastern and Western Europe, ORSTA will enhance our international presence and world- class competitiveness.