Clause 17

by inserting, immediately after subsection (10), the following subsections:“(10A) Notwithstanding section 19 and subject to subsection (10B), where a person proves to the satisfaction of the Comptroller that he has incurred capital expenditure not exceeding $1,000 on the provision of any item of machinery or plant for the purposes of a trade, profession or business carried on by him, he shall, in lieu of the allowances provided by subsection (1) or section 19, be entitled, if he so elects, to an allowance of —

100% in respect of that capital expenditure; or

where allowances have been made under subsection (1) or section 19 for any previous year of assessment under subsection (10B), the amount of that capital expenditure still unallowed.(10B) The aggregate amount of allowances claimed by any person under subsection (10A) for any year of assessment shall not exceed $30,000; and allowances may be made under subsection (1) or section 19 in respect of any capital expenditure still unallowed.(10C) No allowance shall be made under subsection (10A) in respect of any item of machinery or plant which is acquired under a hire-purchase agreement and the original cost of that item of machinery or plant exceeds $1,000.”; and

by deleting subsection (14) and substituting the following subsection:“(14) Subject to subsection (10A), where any allowance has been claimed and allowed under section 19 in respect of any expenditure, no allowances shall, except with the approval of the Minister or the Comptroller and subject to such conditions as he may impose, be made in any subsequent year of assessment under this section in respect of the amount of that expenditure remaining unallowed under section 19.”.