Singapore legislation
Clause 36
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 36
Transitional provisions for existing pioneer enterprises
(1)
This section applies to a company approved as a pioneer enterprise before the appointed date and issued a pioneer certificate for one or more pioneer products the tax relief period or periods for which (as determined by the Minister) has or have not expired by the appointed date.
(2)
For the purposes of the principal Act —
the company is taken to have been validly approved as a pioneer enterprise for that pioneer product or all of those pioneer products; and
the pioneer certificate is taken to have been validly issued, as if the amendment by this Act of section 5(1) and (2) of the principal Act, the deletion and substitution by this Act of section 5(3) and (4) of the principal Act, and the insertion by this Act of section 5(1A) of the principal Act, were in force at the material time.
(3)
The provisions of Part II of the principal Act as amended by this Act (including section 3 of the principal Act as amended by this Act insofar as that section applies to the interpretation of that Part), apply to the company as if —
the company were a pioneer enterprise for that pioneer product or all of those pioneer products;
the date specified in the pioneer certificate as the production day of that pioneer product or any of those pioneer products were the production day of the pioneer product; and
the tax relief period determined by the Minister for the pioneer product or any of those pioneer products were the tax relief period for that pioneer product.
(4)
For a period of 2 years after the date of commencement of this section, the Minister may make regulations to modify the application of section 3 and any provision of Part II of the principal Act (as amended by this Act) to the company.
(5)
In this section, “appointed date” means the date of commencement of sections 2 to 11 of this Act (other than section 2(a)).