Singapore legislation

Clause 58

Amendment of section 80

Section 80 of the principal Act is amended —

(a)

by inserting, immediately after the word “excessive” in subsection (4), the words “or that the amount of any unabsorbed losses, allowances or donations that may be carried forward ought to be of a higher amount than that assessed (as the case may be),”;

(b)

by deleting the words “the amount of such costs shall be added to the tax charged and be recoverable therewith” in subsection (8) and substituting the words “the amount of such costs shall be added to the tax charged (if any) and be recoverable as if it were tax imposed under this Act and payable by the appellant”;

(c)

by inserting, immediately after the word “assessment” in subsection (10), the words “(including the amount of any unabsorbed losses, allowances or donations that may be carried forward)”; and

(d)

by deleting the words “which sum shall be added to the tax charged and be recoverable therewith” in subsection (11) and substituting the words “which sum shall be added to the tax charged (if any) and be recoverable as if it were tax imposed under this Act and payable by him.”.

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