Singapore legislation
Clause 29
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 29
Conditions for relief
(1)
The tax relief provided under this Part of this Act shall apply to an export enterprise during its tax relief period subject to the following conditions: —
in respect of the first year of assessment, for which the export year forms the basis period, the export sales shall amount, in proportion, to not less than twenty per centum of the total sales and, in value, to not less than one hundred thousand dollars during such accounting period;
in respect of subsequent years of assessment, subject to the export sales having satisfied such minimum proportion and value in the export year or where a direction has been made by the Minister under subsection (2) of this section in respect of such year, the export sales shall amount in value to not less than one hundred thousand dollars during the relevant accounting period;
where the minimum requirements as to proportion and value have not been satisfied in the export year, and no direction has been made by the Minister under subsection (2) of this section, the relief provided by this Part of this Act shall apply for the first time only in respect of a year of assessment, where during the relevant accounting period the minimum requirements as to proportion and value have both been satisfied or where a direction to this effect has been made by the Minister under subsection (2) of this section, and thereafter shall continue to be available where during the relevant accounting period the minimum requirement as to the value has been satisfied; and
where a company qualifies for relief under this Part of this Act, it shall not be entitled to any relief under section 14B of the Income Tax Ordinance (Cap. 166).
(2)
Notwithstanding the provisions of subsection (1) of this section, where, in its export year, the export sales of an export enterprise amount in value to one hundred thousand dollars or more, but in proportion, to less than twenty per centum of the total sales, and the Minister is satisfied, on the representations of such enterprise that the failure to realise such proportion of the total sales was due to causes beyond the control of the enterprise, or having regard to the quantum of its output and sales other than export sales, it is reasonable and expedient in the public interest to do so, the Minister may direct that the relief provided under this Part of this Act shall apply in respect of the relevant year of assessment corresponding to its export year or in respect of any subsequent year of assessment during its tax relief period.