Singapore legislation
Clause 41
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 41
Notice of variation of terms of agreement
(1)
If for any reason whatsoever any approved royalties, fees or contributions payable by a company cease to become payable before expiry of the period of the agreement or arrangement related thereto, the company concerned shall, within thirty days from the date on which such royalties, fees or contributions cease to become payable, give notice thereof to the Minister.
(2)
The company to which a certificate has been issued under section 40 of this Act shall not, without the prior sanction of the Minister, amend or otherwise vary the terms of the agreement or arrangement related thereto, except in cases where for the same consideration the amount of the approved royalties, fees or contributions is to be reduced and in such event the company concerned shall notify the Minister accordingly within thirty days from the date on which such amount was reduced.