Singapore legislation
Clause 7
of Economic Expansion Incentives (Relief from Income Tax) (Amendment No. 2) Bill
Clause 7
Related and consequential amendments to Income Tax Act
The Income Tax Act (Cap. 134) is amended —
by inserting, immediately after subsection (2I) of section 19A, the following subsection:“(2IA) No allowance under subsections (2A) and (2B) shall be made to any person in respect of any amount of capital expenditure incurred on the provision of PIC automation equipment for which an integrated investment allowance has been claimed under Part XIIID of the Economic Expansion Incentives (Relief from Income Tax) Act.”;
by deleting paragraph (a) of section 19A(2J);
by deleting the words “and investment allowance under Part X of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86)” in the definition of “assessable income” in section 37C(19) and substituting the words “, investment allowance under Part X of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) and integrated investment allowance under Part XIIID of that Act”; and
by inserting, immediately after the words “investment allowance under Part X of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86)” in paragraph (a) of the definition of “assessable income” in section 37E(17), the words “, integrated investment allowance under Part XIIID of that Act”.