Singapore legislation
Clause 3
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 3
Amendment of section 66
Section 66(1) of the principal Act is amended by inserting, immediately after the definition of “normal investment allowance account”, the following definition:“ “relevant income”, in relation to a company, means any income which —
(a)
does not form part of the statutory income of the company or is exempt from tax under the provisions of this Act (other than this Part) or the Income Tax Act [Cap. 134]; or
(b)
is subject to tax at the concessionary rate under Part IIIA or IIIB;”.