Singapore legislation
Clause 10
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 10
Repeal and re-enactment of section 15
Section 15 of the principal Act is hereby repealed and the following substituted therefor: —“Carry forward of loss and allowance15.—
Where a pioneer enterprise has, during its tax relief period, incurred a loss for any year, such loss shall be available as a deduction as provided for in subsection (2) of section 37 of the Income Tax Ordinance (Cap. 166) but only against the income of the pioneer enterprise as ascertained under section 10 of this Act.(2) Notwithstanding the provisions of paragraph (a) of section 7 of this Act, the balance of any allowance as provided for in section 10 of this Act which remains unabsorbed at the end of the tax relief period of the pioneer enterprise shall be available to the new trade or business.”.