Clause 34

a company was approved as an approved aircraft leasing company on or before 31 March 2017;

the company is approved again as an approved aircraft leasing company at any time on or after 1 April 2017;

the period of approval in paragraph (b) (called in this subsection the current approval period) starts immediately upon the expiry of the period of the approval in paragraph (a) (called in this subsection the previous approval period); and

the company elects to apply the concessionary rate of tax specified to it under subsection (1)(a) for the previous approval period, to the company’s income that accrues in or is derived from Singapore between the date of commencement of the current approval period and 31 December 2027 (both dates inclusive), in respect of an aircraft or aircraft engine to which this subsection applies,then that concessionary rate of tax applies to such income if the company remains an approved aircraft leasing company at the time the income accrues to or is derived by the company.(1B) Subsection (1A) —

applies to an aircraft or aircraft engine that the company either owned (whether legally or beneficially) or of which it was a lessee under a finance lease treated as a sale under section 10D, as at the last day of the previous approval period; and

does not apply to any aircraft or aircraft engine that —

has been disposed of by the company after that day and then re‑acquired by or leased back to the company; or

has not been delivered to the company as of that day.(1C) The election under subsection (1A) must be made by written notice to the Comptroller at the time of lodgment of the return of income for the year of assessment relating to the basis period in which the approval in subsection (1A)(b) is given or within such extended time as the Comptroller may allow.”.