Singapore legislation

Clause 20

Amendment of section 19

Section 19 of the principal Act is amended —

(a)

by inserting, immediately after the words “under paragraph (b)” in subsection (2)(a)(i) and (ii), the words “or (ba)”;

(b)

by deleting paragraph (b) of subsection (2) and substituting the following paragraphs:“(b)for the purposes of paragraph (a), the number of years of working life of any aircraft acquired between 1st March 1995 and 29th February 2012 (both dates inclusive) shall, if it had been extended under section 19(2)(b) in force immediately before 1st March 2012, be the number of years of its working life as specified in the Sixth Schedule together with the extension;

(ba)for the purposes of paragraph (a), the number of years of working life of any aircraft acquired on or after 1st March 2012 by an approved aircraft leasing company within the meaning of section 43Y shall, if the company has made an election under subsection (2A), be the number of years of its working life as specified in the Sixth Schedule together with the extension specified by the company under subsection (2A) in accordance with subsection (2B);”; and

(c)

by inserting, immediately after subsection (2), the following subsections:“(2A) An approved aircraft leasing company which acquired any aircraft on or after 1st March 2012 may, at the time of lodgment of its return of income for the year of assessment relating to the basis period in which the aircraft was acquired, make an irrevocable election to the Comptroller for the number of years of the working life of the aircraft as specified in the Sixth Schedule to be extended by a period specified by the company.(2B) The total of the number of years of the working life of the aircraft specified in the Sixth Schedule and the period specified by the company must not exceed 20 years.”.

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