Singapore legislation
Clause 44
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 44
Exemption from tax where investment made in approved enterprise
Where, in accordance with section 43 of this Act, the tax payable on any approved royalties, fees or contributions is at the reduced rate of twenty per centum, and it is proved to the satisfaction of the Comptroller that such royalties, fees or contributions, either wholly or in part, have been expended in the acquisition of ordinary share capital in the company from which such payments were received, the amount of income equal to such expenditure shall be exempt from tax.