Singapore legislation

Clause 6

New section 14B

The principal Act is hereby amended by inserting immediately after section 14A thereof the following section: —“Further deduction for export of locally manufactured goods14B.—

(1)

Where the Comptroller is satisfied that expenses have been incurred on or after 1st April, 1973, by a manufacturer resident in or having a permanent establishment in Singapore in establishing, maintaining or otherwise participating in an approved overseas trade fair, exhibition or trade mission for the purpose of promoting the export of goods manufactured in Singapore, there shall be allowed a further deduction of such expenses in addition to the deduction allowed under section 14 of this Act.(2) No deduction shall be allowed under this section in respect of —

(a)

any expenses which are not allowed as deductions under section 14 of this Act;

(b)

travelling, accommodation and subsistance expenses or allowances for more than two employees taking part in the approved trade fair, exhibition or trade mission;

(c)

any expenses incurred by an export enterprise under Part IV of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 135).(3) For the purposes of this section “approved”, in relation to an overseas trade fair, exhibition or trade mission, means approved by the Minister or such person as he may appoint for this purpose.”.

Read in full context — Income Tax (Amendment) Bill →