Singapore legislation

Clause 8

Amendment of section 13H

Section 13H of the principal Act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:“(1) The Minister may make regulations to provide that such income as the Minister may specify of an approved venture company derived by it from making approved investments is exempt from tax.”;

(b)

by deleting the words “or taxed at a concessionary rate” in subsections (2) and (4);

(c)

by deleting the words “or tax at a concessionary rate” in subsection (2A);

(d)

by deleting the words “in the case of income which is exempt from tax,” in subsection (4)(a);

(e)

by deleting paragraph (aa) of subsection (4);

(f)

by deleting “(aa),” in subsection (4)(d);

(g)

by deleting subsection (5A); and

(h)

by deleting the words “or subject to tax at a concessionary rate under regulations made under subsection (1) ought not to have been so exempted or taxed” in subsection (16) and substituting the words “under regulations made under subsection (1) ought not to have been so exempted”.

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