Singapore legislation

Clause 4

of Economic Expansion Incentive (Relief from Income Tax) (Amendment) Bill

Clause 4

Amendment of section 97C

Section 97C of the principal Act is amended —

(a)

by inserting, immediately after the word “satisfied” in the first line of subsection (2), the words “in respect of any application under subsection (1)”;

(b)

by inserting, immediately after subsection (2), the following subsections:“(3) Any company, incorporated and resident in Singapore, desirous of investing in an overseas company for the purpose of acquiring for use in Singapore any technology from the overseas company or for the purpose of gaining access to any overseas market for its eligible holding company or any subsidiary thereof, may make an application in the prescribed form to the Minister to be approved as an overseas investment company.(4) Where the Minister is satisfied in respect of any application under subsection (3) that the technology acquired, if introduced in Singapore or the access which would be gained to any overseas market, would promote or enhance the technological or economic development of Singapore, he may approve the company as an overseas investment company and issue a certificate to the company subject to such conditions as he may impose.”; and

(c)

by inserting, immediately after the word “company” in the marginal note, the words “or overseas investment company”.

Read in full context — Economic Expansion Incentive (Relief from Income Tax) (Amendment) Bill →