Singapore legislation

Clause 5

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

Clause 5

Amendment of section 97D

Section 97D of the principal Act is amended —

(a)

by inserting, immediately after the word “company” in subsection (2)(a) and (b), in each case the words “or an overseas investment company”;

(b)

by inserting, immediately after the word “company” in the fifth line of subsection (3)(a), the words “or in an overseas investment company”;

(c)

by deleting the words “or technology investment company” in the eighth and ninth lines of subsection (3)(a) and in subsection (3)(b), and substituting in each case the words “, technology investment company or overseas investment company”; and

(d)

by deleting subsection (4) and substituting the following subsection:“(4) The deduction under subsections (1) and (2) shall be available only —

(a)

to a person to whom shares are allotted by a venture company or technology investment company on or after 1st April 1986;

(b)

to a person to whom shares are allotted by an overseas investment company on or after 1st April 1988,and shall not be available to any transferee of such shares.”.

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