Singapore legislation

Clause 6

of Income Tax (Amendment) Bill

Clause 6

Amendment of section 37

Section 37 of the principal Act is amended —

(a)

by inserting, immediately after paragraph (a) of subsection (2), the following paragraph:“(b)an amount equivalent to the value, to be determined by the Minister, of any gift made to the National Museum in the year preceding the year of assessment which has been approved by the Minister;”;

(b)

by deleting the words “, not exceeding the statutory income, if any, remaining after the deduction authorised by paragraph (a) has been made,” in subsection (2)(c); and

(c)

by inserting, immediately after subsection (2), the following subsection:“(2A) A deduction under this section to any person in respect of any sum allowable under subsection (2)(b) and (c) shall only be allowed to the extent that it is not in excess of the statutory income, if any, remaining after the deduction authorised by subsection (2)(a).”.