Singapore legislation
Clause 21
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 21
Amendment of section 19M
Section 19M of the principal Act is amended —
by deleting subsection (1) and substituting the following subsection:“(1) Subject to subsections (2) and (3) —
the qualifying income of a development and expansion company derived from a qualifying activity; or
where the certificate issued to a development and expansion company under section 19J(2) specifies 2 or more qualifying activities, the total qualifying income of the development and expansion company derived from all of those qualifying activities,is ascertained in accordance with the provisions of the Income Tax Act, after making such adjustments as may be necessary to give effect to any direction given under section 19P.”;
by inserting, immediately after the words “of a development and expansion company” in subsection (2), the words “mentioned in subsection (1)(a) or the total qualifying income of a development and expansion company mentioned in subsection (1)(b)”;
by inserting, immediately after the words “Income Tax Act” in subsection (2)(a), the words “for capital expenditure incurred for the purposes of the qualifying activity or all the qualifying activities”;
by inserting, immediately after the words “qualifying income of the company” in subsection (2)(b), (e) and (g), the words “from the qualifying activity or the total qualifying income of the company from all the qualifying activities”;
by inserting, immediately after the words “any loss incurred” in subsection (2)(d), the words “in carrying out the qualifying activity, or any net loss incurred in carrying out all the qualifying activities,”;
by deleting the words “of a development and expansion company” in subsection (3)(b)(i) and substituting the words “or the total qualifying income of the development and expansion company”; and
by deleting the words “its qualifying income” in subsection (4) and substituting the words “the qualifying income or the total qualifying income of the development and expansion company”.