Singapore legislation
Clause 7
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 7
New section 66A
The principal Act is amended by inserting, immediately after section 66, the following section:“Application of Parts X and XIV and section 3 in relation to corporate partnerships and partners of corporate partnerships66A.—
Regulations may be made under section 102(1) to apply the provisions of Parts X and XIV and section 3 (called in this section the applied provisions) for the following purposes:
to enable an investment allowance to be given to a corporate partnership;
to apportion the investment allowance given to the corporate partnership to its partners.(2) Without limiting section 102(1), the regulations mentioned in subsection (1) may make provision —
to make any modification to any of the applied provisions that is necessary or expedient for the purposes mentioned in subsection (1);
to specify the circumstances under which a corporate partnership is considered to have sold, leased out or otherwise disposed of any assets in respect of which an investment allowance has been given; and
for the recovery of an investment allowance given to a corporate partnership from its partners, and the waiver of any liability of a partner to repay any part of the investment allowance.”.