Singapore legislation

Clause 23

of Income Tax (Amendment) Bill

Clause 23

Amendment of section 19B

Section 19B of the principal Act is amended —

(a)

by deleting the word “approved” wherever it appears in subsections (1) to (6);

(b)

by deleting the words “23rd February 2001” in subsection (1) and substituting the words “1st November 2003”;

(c)

by inserting, immediately after subsection (2), the following subsection:“(2A) The writing-down allowances to be made to a company under this section shall be allowed only if —

(a)

there is an undertaking by the company that it is an assignee of the intellectual property rights; and

(b)

the claim is made by the company in such manner and subject to such conditions as the Comptroller may require.”;

(d)

by deleting the word “; or” at the end of subsection (4)(c) and substituting a comma;

(e)

by deleting paragraph (d) of subsection (4);

(f)

by deleting the definition of “approved” in subsection (7);

(g)

by deleting the word “approved” in the definition of “capital expenditure” in subsection (7);

(h)

by deleting the word “approved” in subsection (8);

(i)

by inserting, immediately after subsection (9), the following subsections:“(10) Notwithstanding the amendment of section 19B by the Income Tax (Amendment) Act 2003, section 19B in force immediately before 1st November 2003 shall continue to apply and have effect to any intellectual property rights approved before that date.(11) No writing-down allowance under subsection (1) shall be made for any capital expenditure incurred by any company after 31st October 2008.”; and

(j)

by deleting the word “approved” in the section heading.

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