Singapore legislation

Clause 38

of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill

Clause 38

Transitional provisions for existing development and expansion companies

(1)

This section applies to a company approved as a development and expansion company under section 19J of the principal Act before the appointed date and issued a certificate under that section of the principal Act for one or more qualifying activities 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 —

(a)

the company is taken to have been validly approved as a development and expansion company in respect of that qualifying activity or all of those qualifying activities; and (b)the certificate is taken to have been validly issued, as if the amendment by this Act of section 19J(1) and (2) of the principal Act, the deletion and substitution by this Act of section 19J(4) and (5) of the principal Act, and the insertion by this Act of section 19J(1A) of the principal Act, were in force at the material time.

(3)

The provisions of Part IIIB of the principal Act as amended by this Act, apply to the company as if —

(a)

the company were a development and expansion company in respect of that qualifying activity or all of those qualifying activities;

(b)

the date specified in the certificate as the commencement day of that qualifying activity or any of those qualifying activities were the commencement day of the qualifying activity;

(c)

the tax relief period determined by the Minister for that qualifying activity or any of those qualifying activities were the tax relief period for the qualifying activity.

(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 any of the provisions of Part IIIB 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 16 to 23 (other than section 19(b)) of this Act.

Read in full context — Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill →