Singapore legislation

Clause 26

of Income Tax (Amendment) Bill

Clause 26

Amendment of section 37

Section 37 of the principal Act is amended —

(a)

by inserting, immediately after the word “Minister” in subsection (3)(c), the word “, Comptroller”;

(b)

by inserting, immediately after the word “Minister” in subsection (3)(e), the word “, Comptroller”;

(c)

by inserting, immediately after the word “Minister” in subsection (3)(f), the word “, Comptroller”; (d)by deleting subsection (4) and substituting the following subsections:“(4) A deduction under subsection (3)(a)(i) shall be made in the following order:

(a)

firstly, against statutory income from the same trade, business, profession or vocation;

(b)

secondly, against statutory income from any other trade, business, profession or vocation; and

(c)

thirdly, against statutory income from any other source.(4A) A deduction under subsection (3)(a)(i) shall be made as far as possible in the order specified in subsection (4) from the statutory income of the first year of assessment after the year in which such loss was incurred, and, so far as it cannot be so made, then from the statutory income of the next year of assessment, and so on.”; and

(e)

by inserting, immediately after the words “section 37C” in subsections (5) and (8)(b), the words “or to a spouse under section 37D”.

Read in full context — Income Tax (Amendment) Bill →