Singapore legislation
Clause 21
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 21
Procedure and power for applying for and issuing an export enterprise certificate
(1)
The Minister may, on the application of any company which is manufacturing or proposes to manufacture any export product or is engaged or proposes to engage in deep-sea fishery, either wholly or partly for export, approve such company as an export enterprise and issue to such company an export enterprise certificate subject to such conditions as he thinks fit.
(2)
The application shall be in such form and with such particulars as may be prescribed.
(3)
Every export enterprise certificate issued under this section shall specify the accounting period in which it is expected that the export sales of the export product or export produce —
will be not less than twenty per centum of the value of its total sales; and
will be not less than one hundred thousand dollars,and such accounting period shall be deemed to be the export year of such export enterprise for the purposes of this Part of this Act.
(4)
For the purposes of this Part of this Act —
the expression “export sales” means export sales (f.o.b.) whether made directly by the export enterprise or through an agent or independent contractor; and
the expression “f.o.b.” means free on board.