Singapore legislation

Clause 2

Amendment of section 2

Section 2 of the Income Tax Act (called in this Act the principal Act) is amended —

(a)

by inserting, immediately after the definition of “local forces” in subsection (1), the following definitions:“ “offshore mineral” means mineral from the seabed or that is dissolved in sea water;“offshore renewable energy” means —

(a)

ocean thermal power;

(b)

offshore geothermal power;

(c)

offshore solar power;

(d)

offshore wind power;

(e)

osmotic power;

(f)

tidal power; or

(g)

wave power;”; and

(b)

by inserting, immediately after subsection (3), the following subsection:“(3A) In this Act, a ship (as defined in section 2(1) of the Merchant Shipping Act (Cap. 179)) is used for offshore renewable energy activity or offshore mineral activity if it is used for the exploration or exploitation of offshore renewable energy or offshore mineral, or to support any activity that is ancillary to such exploration or exploitation.”.

Read in full context — Income Tax (Amendment No. 3) Bill →