Singapore legislation
Clause 2
Clause 2
Amendment of section 10
Section 10 of the Income Tax Act (referred to in this Act as the principal Act) is amended by deleting subsection (4) and substituting the following subsection:“(4) Where, under section 17, 20 or 21, a balancing charge falls to be made, the amount thereof shall be deemed to be income chargeable with tax under this Act, except in the case of a balancing charge in respect of —
(a)
a Singapore ship the income derived from the operation of which would be income of a shipping enterprise within the meaning of section 13A; or
(b)
a foreign ship the income derived from the operation of which would be income of an approved international shipping enterprise within the meaning of section 13F.”.