Clause 17

by inserting, immediately after subsection (1), the following subsection:“(1A) For the purposes of subsection (1) —

the firm or company need not be an approved firm or approved company to be allowed a deduction under that subsection in respect of expenditure incurred at any time from 1st April 2012 to 31st March 2016 (both dates inclusive) that is directly attributable to the carrying out of any study to identify investment overseas; and

the firm or company need not seek approval for the investment project to which the expenditure relates,provided that the aggregate of —

the expenditure for which the deduction is so allowed; and

the expenses for which a deduction is allowed to the firm or company under section 14B(2A),does not exceed $100,000 for each year of assessment.”;

by inserting, immediately after the words “subsection (1)” in subsection (2)(a), the words “, other than expenditure that is the subject of a claim for deduction under subsection (1A)”; and

by deleting paragraph (a) of subsection (3) and substituting the following paragraphs:“(a)travelling, accommodation and subsistence expenses or allowances for —

more than 2 employees taking part in any study to identify investment overseas; or

more than the approved number of employees taking part in any feasibility or due diligence study on any approved investment overseas;

any expenditure incurred during the basis period for a year of assessment by a firm or company if —

any part of its income for that year of assessment is exempt or partly exempt from tax under section 13A, 13F, 13S or 13V;

any part of its income for that year of assessment is subject to tax at a concessionary rate of tax under section 43C, 43E, 43G, 43J, 43P, 43Q, 43W, 43ZA, 43ZB, 43ZC or 43ZF or the regulations made thereunder; or

it is given tax relief under Part II, III or IIIB of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) for that year of assessment, or is given an investment allowance under Part X of that Act for that year of assessment; and

any expenditure to the extent it is or is to be subsidised by a grant or subsidy from the Government or a statutory board.”.