Singapore legislation
Clause 32
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 32
Repeal of sections 97ZI and 97ZJ and re-enactment of section 97ZI
Sections 97ZI and 97ZJ of the principal Act are repealed and the following section substituted therefor:“Recovery of tax97ZI.—
Despite any other provision of this Part, the Comptroller may, subject to section 74 of the Income Tax Act (Cap. 134), make an assessment or additional assessment upon a company to recover any tax if it appears to the Comptroller that any amount of income of the company that has been exempted from tax ought not to have been so exempted by reason of the revocation under section 99 of the approval letter issued under section 97ZB to the company.(2) Parts XVII and XVIII of the Income Tax Act (relating to assessments, objections and appeals) and any rules made under that Act apply, with the necessary modifications, to an assessment or additional assessment under subsection (1) as if it were a notice of assessment under those Parts.”.