Singapore legislation
Clause 5
Clause 5
Amendment of section 16
Section 16 of the principal Act is amended by inserting, immediately after subsection (3B), the following subsections:“(3C) For the purposes of application to any industrial building or structure used for the purposes of a project for the promotion of the tourist industry (other than a hotel) in Singapore and approved by the Minister under section 18(1)(k) —
the reference to 25% in subsection (1) shall be read as a reference to 20%;
the reference to 3% in subsections (2) and (3) and in the sixteenth line of section 18(5) shall be read as a reference to 2%; and
the reference to capital expenditure in subsections (1) and (2) shall not include any capital expenditure incurred before 1st January 1986.(3D) Notwithstanding anything in sections 16 and 17, where a person carrying out a project for the promotion of the tourist industry approved by the Minister under section 18(1)(k) fails to comply with any condition imposed by the Minister, the Minister may revoke the approval and thereupon the Comptroller may at any time within 12 years from the date of the revocation make such assessment or additional assessment upon the person as may appear necessary in order to recover any tax which ought to have been paid by that person if any allowances under those sections had not been made to him.”.