Singapore legislation

Clause 43

New section 37N

The principal Act is amended by inserting, immediately after section 37M in Part IX , the following section:“Exclusion of expenditure or payment subsidised by capital grant37N.—

(1)

Despite anything in this Act or the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86), a deduction or an allowance under this Act or Part X or XIIID of the Economic Expansion Incentives (Relief from Income Tax) Act may not be made or given in respect of any expenditure or payment to the extent that the expenditure or payment is or is to be subsidised by a grant or subsidy from the Government or a statutory board that is —

(a)

capital in nature; and

(b)

approved by the Government or statutory board on or after 1 January 2021.(2) Subsection (1) does not affect the operation of the following provisions:

(a)

sections 14A(7), 14B(4)(e), 14D(1A), 14DA(12)(b), 14K(3)(c), 14KA(10)(b), 14WA(7), 14ZB(7) and (9) and 37L(29);

(b)

section 66(3) of the Economic Expansion Incentives (Relief from Income Tax) Act.”.

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