Singapore legislation
Clause 12
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 12
Computation of income during tax relief period
(1)
The income for each accounting period of a pioneer enterprise in respect of its old trade or business shall be computed in accordance with the provisions of the Income Tax Ordinance and the foregoing provisions of this Act.
(2)
For each such accounting period the Comptroller shall issue to the pioneer enterprise a statement showing the amount of such income for that accounting period and Parts XI and XII of the Income Tax Ordinance (relating to objections and appeals), and of any rules made thereunder, shall apply, mutatis mutandis, as if such statement were a notice of assessment given under those provisions.