Singapore legislation
Clause 15
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 15
Carry forward of loss incurred in tax relief period
(1)
Where a pioneer enterprise has, for the whole of its tax relief period, incurred a loss in respect of its old trade or business, the amount of such loss shall be treated as if it had been incurred by that enterprise in its new trade or business and in the year of assessment in which that new trade or business is deemed to have commenced under the provisions of this Act, and section 37 of the Income Tax Ordinance shall apply accordingly in computing the chargeable income of the pioneer enterprise for any year of assessment.
(2)
For the purposes of this section —
the amount of any loss incurred in any accounting period of the old trade or business of a pioneer enterprise shall be computed in like manner as any income falls to be computed under section 12 of this Act; and
the amount of the loss sustained by a pioneer enterprise for the whole of its tax relief period shall be the amount by which the total of all losses computed for all accounting periods under paragraph (a) of this subsection exceeds the total of the income for all such accounting periods in which a loss was not so incurred.