Singapore legislation

Clause 29

Amendment of section 19

Section 19(9) of the principal Act is amended by deleting paragraphs (a), (b) and (c) and substituting the following paragraphs:“(a)a reference to the amount of the expenditure or payments (after deducting any amount in respect of which an election for a cash payout has been made under section 37I) in section 14D(4) is a reference to the remaining amount of the allowance after deducting the amount of the allowance that corresponds to the capital expenditure in respect of which an election for a cash payout has been made under section 37I;

(b)

a reference to the specified amount of the expenditure or payments is a reference to an amount computed in accordance with the formulawhere Ais the remaining amount of the allowance after deducting the amount of the allowance that corresponds to the capital expenditure in respect of which an election for a cash payout has been made under section 37I;Bis the rate of tax specified in section 43(1)(a); andCis —

(i)

in a case where the concessionary income derived by the person from the trade or business carried on by him is subject to tax at a single concessionary rate of tax, that rate; or

(ii)

in a case where the concessionary income derived by the person from the trade or business carried on by him is subject to tax at 2 or more concessionary rates of tax, the higher or highest of those rates; and

(c)

a reference to “unabsorbed losses” is a reference to “unabsorbed allowances”.”.

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