Singapore legislation

Clause 52

of Income Tax (Amendment) Bill

Clause 52

Amendment of section 43ZG

Section 43ZG of the principal Act is amended —

(a)

by deleting the words “approved investments” in subsection (1) and substituting the words “authorised investments”;

(b)

by deleting the words “31 March 2020” in subsection (2) and substituting the words “31 December 2025”;

(c)

by deleting subsection (5) and substituting the following subsection:“(5) Despite subsection (4), an approval granted under subsection (2) on or after 1 April 2020, and any extension of such approval, must each be for a period that does not exceed 5 years.”;

(d)

by inserting, immediately before the definition of “fund management company” in subsection (7), the following definition:“ “authorised investments” has the meaning given by section 13H(18);”;

(e)

by deleting the semi-colon at the end of the definition of “fund management company” in subsection (7) and substituting a full-stop;

(f)

by deleting the definition of “investments” in subsection (7);

(g)

by deleting the definition of “pioneer service company” in subsection (7); and

(h)

by deleting subsection (8).

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