Singapore legislation

Clause 19

Amendment of section 14K

Section 14K of the principal Act is amended by deleting subsection (1A) and substituting the following subsections:“(1A) For the purposes of subsection (1) and subject to subsection (1B), the firm or company —

(a)

need not be an approved firm or approved company to be allowed a deduction under subsection (1) in respect of expenditure that is incurred at any time between 1 April 2012 and 31 March 2020 (both dates inclusive) that is directly attributable to the carrying out of any study to identify investment overseas; and

(b)

need not seek approval for the investment project to which the expenditure relates.(1B) The amount of the expenditure for which the deduction may be allowed under subsection (1A), after adding the expenditure for which a deduction is allowed to the firm or company under section 14B(2A), must not exceed —

(a)

for a year of assessment before the year of assessment 2019 — $100,000; or

(b)

for the year of assessment 2019 or a subsequent year of assessment — $150,000.”.

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