Singapore legislation
Clause 40
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 40
Procedure and power for applying for and issuing an approved royalties, fees or contributions certificate
(1)
A company engaged in any industry which is desirous of entering into an agreement or arrangement with a non-resident person whereby royalties or technical assistance fees or contributions to research and development costs are payable to such non-resident person, may apply to the Minister for a certificate certifying such royalties, fees or contributions to be approved royalties, fees or contributions, as the case may be, for the purposes of this Part of this Act.
(2)
The application shall be in such form containing such particulars as may be prescribed, and shall be accompanied by a copy of the proposed agreement or arrangement certified by the non-resident person.
(3)
Where the Minister is satisfied as to the bona fides of any application made under this section and that it is expedient in the public interest to do so, he may issue a certificate in the terms of the application, subject to such conditions as he thinks fit.