Singapore legislation
Clause 22
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 22
Repeal and re-enactment of section 19N
Section 19N of the principal Act is repealed and the following section substituted therefor:“Ascertainment of income from other trade or business19N.—
Where at any time —
during the tax relief period of a development and expansion company for a qualifying activity; or
where the certificate issued to the development and expansion company under section 19J(2) specifies 2 or more qualifying activities, during the longer or longest of the tax relief periods of the company for those qualifying activities,the development and expansion company carries on any trade or business other than the qualifying activity or activities, separate accounts must be maintained for that other trade or business and in respect of the same accounting period; and the income from that other trade or business must be computed and assessed in accordance with the Income Tax Act (Cap. 134) with such adjustments as the Comptroller thinks reasonable and proper.(2) Where, in the opinion of the Comptroller, the carrying on of such other trade or business is subordinate or incidental to the carrying on of the qualifying activity or activities, the income or loss arising from such other trade or business is considered to form part of the income or loss of the company from that qualifying activity or the total income or total loss of the company from those qualifying activities.”.