Singapore legislation
Clause 6
Clause 6
Amendment of section 27
Section 27 of the principal Act is amended by deleting paragraph (b) of subsection (3) and substituting the following paragraph:“(b)be acceptable for the purposes of this section only where the Comptroller is satisfied that the relevant income tax authority —
computes and assesses the full profits of the non-resident person from his shipping business on a basis not materially different from the basis of assessment provided by this Act for the assessment of a resident of Singapore carrying on a similar business; and
accepts any certificate issued by the Comptroller for the purpose of computing the profits derived by a resident of Singapore from carrying on the business of a shipowner or charterer and assesses the income of that resident on the basis of and without making any adjustment to the profits or loss or the allowance for depreciation as stated in the certificate issued by the Comptroller and in the same manner as the income of the non-resident person is assessed under subsection (2);”.