Singapore legislation

Clause 40

New sections 92F and 92G

The principal Act is amended by inserting, immediately after section 92E, the following sections:“Remission of tax of companies for year of assessment 201792F. Where the Comptroller is satisfied that the remission of tax would be beneficial to a company, then there is to be remitted the tax payable for the year of assessment 2017 by the company of an amount equal to the lower of the following:

(a)

50% of the tax payable for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B));

(b)

$25,000.Remission of tax of companies for year of assessment 201892G. Where the Comptroller is satisfied that the remission of tax would be beneficial to a company, then there is to be remitted the tax payable for the year of assessment 2018 by the company of an amount equal to the lower of the following:

(a)

20% of the tax payable for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B));

(b)

$10,000.”.

Read in full context — Income Tax (Amendment) Bill →