Singapore legislation
Clause 30
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 30
Tax relief on export profits
(1)
Where any amount of export profit qualifies under sections 28 and 29 of this Act for the relief provided by this section, any deductions which may fall to be made under any of the provisions of sections 16, 17, 18, 19, 19A, 20, 21 and 22 of the Income Tax Ordinance shall be made for any year of assessment in respect of which such increased export profit would have formed part of the statutory income of the export enterprise save for the provisions of this Part of this Act.
(2)
For each year of assessment the Comptroller shall issue to the export enterprise a statement showing the balance of the export profit for that year of assessment and the provisions of 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 such provisions.
(3)
Subject to subsection (6) of section 31 of this Act, where any statement issued under subsection (2) of this section has become final and conclusive an amount equal to ninety per centum of the balance of such export profit shall not form part of the statutory income of the export enterprise for that year of assessment but shall be exempt from tax.