Singapore legislation
Section 15
of Economic Expansion Incentives (Relief from Income Tax) Act
Section 15
Carry forward of loss and allowance
(1)
Where a pioneer enterprise has, during its tax relief period, incurred a loss for any year, that loss shall be deducted as provided for in section 37(2) and (2A) of the Income Tax Act but only against the income of the pioneer enterprise as ascertained under section 10, except that the balance of any such loss which remains unabsorbed at the end of its tax relief period is available to the new trade or business in accordance with that Act.
(2)
Notwithstanding section 7(a), the balance of any allowance as provided for in section 10 which remains unabsorbed at the end of the tax relief period of the pioneer enterprise is available to the new trade or business in accordance with the Income Tax Act.