Singapore legislation
Clause 4
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 4
Amendment of section 5
Section 5 of the principal Act is hereby amended —
by inserting immediately after the word “company” appearing in the first line of subsection (1) thereof the words “which has incurred or is intending to incur a fixed capital expenditure of not less than one million dollars and”; and
by inserting immediately after subsection (4) thereof the following new subsection: —“(5) For the purposes of subsection (1) of this section, “fixed capital expenditure” means capital expenditure which has been or is intended to be incurred by the pioneer enterprise, in connection with its pioneer product, on its factory building (excluding land) in Singapore, and on any new plant or new machinery used in Singapore and, subject to the approval of the Minister, on any second-hand plant or second-hand machinery used in Singapore.”.