Singapore legislation
Clause 15
Clause 15
Amendment of section 43I
Section 43I of the principal Act is amended by inserting, immediately after subsection (4), the following subsections:“(4A) Notwithstanding subsection (1), a leasing company may, at any time, elect that the whole of its income accruing in or derived from Singapore in respect of offshore leasing of any machinery or plant shall be taxed at the rate prescribed by section 43(1)(a).(4B) An election under subsection (4A) shall be made by a leasing company by notice in writing to the Comptroller and shall be irrevocable; and notwithstanding subsection (4C) where the election is to take effect from the year of assessment 1994, such notice shall be given by the leasing company before 1st January 1995.(4C) Where a leasing company has made an election under subsection (4A) —
subsections (1) to (4) shall not apply to the income of the leasing company for the year of assessment immediately following the year in which the election is made and for subsequent years of assessment; and
any allowance or loss or the balance thereof which were not deducted against the income of the leasing company for any year of assessment during which the concessionary rate prescribed by subsection (1) applies shall be available as a deduction against its income for the first year of assessment to which paragraph (a) applies or for any subsequent year of assessment in such manner and extent as the Minister may by regulations prescribe.”.