Singapore legislation
Clause 3
of Economic Expansion Incentives (Relief from Income Tax) (Amendment No. 2) Bill
Clause 3
Repeal and re-enactment of section 4
Section 4 of the principal Act is repealed and the following section substituted therefor:“Power and procedure for approving an industry and a product as a pioneer industry and a pioneer product4.—
The Minister may, if he considers it expedient in the public interest to do so, approve an industry, which is not being carried on in Singapore on a scale adequate to the economic needs of Singapore and for which in his opinion there are favourable prospects for development, to be a pioneer industry and any specific product of that industry to be a pioneer product.(2) The Minister may revoke any approval given under this section but any such revocation shall not affect the operation of any pioneer certificate issued to any pioneer enterprise before the revocation.(3) Any industry which has been approved as a pioneer industry or any product which has been approved as a pioneer product before the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment No. 2) Act 2004 shall be deemed to have been approved under this section.”.