Singapore legislation

Clause 55

of Income Tax (Amendment) Bill

Clause 55

Consequential amendments to Economic Expansion Incentives (Relief from Income Tax) Act

The Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) is amended —

(a)

by inserting, immediately after “18,” in section 10(2), (3), (5) and (8), “18B, 18C,”;

(b)

by deleting the words “an industrial building” in section 10(6) and substituting the words “any building”;

(c)

by deleting the words “any industrial building” in section 10(8) and substituting the words “any building”;

(d)

by deleting the words “or 43ZD” in the definition of “concessionary income” in section 66(1) and substituting the words “, 43ZD or 43ZE”; and

(e)

by inserting, immediately after section 74, the following section:“No investment allowance for certain expenditure74A. No investment allowance shall be granted for any amount of fixed capital expenditure incurred on the acquisition of any know-how, patent rights or productive equipment for which an allowance has been claimed under section 19A(2A) or (2B) or 19B(1A) or (1B) of the Income Tax Act (Cap. 134).”.

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