Singapore legislation
Clause 17
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 17
Amendment of section 28
Subsections (3), (4) and (5) of section 28 of the principal Act are hereby deleted and the following substituted therefor: —“(3) Where a company exports any products or produce to which its export enterprise certificate relates, the amount of its export profit arising from the export of such products or produce which will qualify for the relief provided by section 30 of this Act shall be the excess of such profit over a fixed sum to be determined in the following manner: —
in the case of a company which has previously exported such products or produce, the average annual export profit of the company shall be ascertained in the manner provided by subsection (4) of this section; and
in the case of a company which has not prior to its application under section 21 of this Act exported such products or produce for three years immediately preceding its application, the fixed sum shall be such an amount as the Minister may determine having regard to the total sales of such company and the percentage of the total sales of other major export enterprises exporting like articles:Provided that where such a company is a pioneer enterprise, this subsection shall apply notwithstanding that such company was deemed to commence a new trade or business at the end of its tax relief period as a pioneer enterprise.(4) For the purposes of this section, “average annual export profit” means a sum equal to one-third of the total export profits of the company from the export of such products or produce ascertained in the manner provided by subsection (2) of this section during the three years immediately preceding the date of its application under section 21 of this Act:Provided that where the company concerned has adopted an accounting period ending on a date other than 31st December, the Comptroller may make such adjustment on a time basis as appears to him to be reasonable in ascertaining the total export profits of such period.”.