3. (a) investment allowances; allowances in addition to full depreciation (b) an investment tax credit where a certain percentage of the acquisition cost is deducted, in addition to normal depreciation deductions, from the tax liability; (c) the full cost of acquisition of the asset is allowed as a deduction from the taxable profits of the year in which the relevant investment was made; (d) accelerated depreciation allowances; (e) declining balance depreciation allowances; (f) tax privileged export processing or enterprise zones; and (g) tax holidays. State Parties shall, in the treatment and application of tax incentives, endeavour to avoid: (a) (b) harmful tax competition as may be evidenced by: (i) zero or low effective rates of tax; (ii) lack of transparency; (iii) lack of effective exchange of information; (iv) restricting tax incentives to particular tax payers, usually non-residents of that State Party; (v) promotion of tax incentives as minimisation; or (vi) the absence of substantial activity in the jurisdiction of that State Party to qualify for a tax incentive; and a vehicle for tax introducing tax legislation that prejudices another State Party's economic policies or activities of, or the regional mobility of goods, services, capital or labour. 4. State Parties shall, collectively, through the (Committee of) Ministers responsible for Finance and Investment, develop and adopt guidelines for tax incentives in the Region, including provision for exceptional cases. 5. In order to advance a competition policy within the Region, State Parties shall collectively develop a fiscal framework for tax incentives that will, among other things, focus on: 47