Singapore legislation

Clause 41

Amendment of section 43ZI

Section 43ZI(11) of the principal Act is amended by inserting, immediately after paragraph (d), the following paragraphs:“(da)the circumstances under which a prescribed amount of expenses, allowances or donations deducted from qualifying intellectual property income of an approved company may be deemed as a loss;

(db)the treatment of the loss mentioned in paragraph (da), including disregarding any part of it, or making available any part of it for —

(i)

deduction against any income subject to tax at the rate specified in section 43(1)(a) for a specified year of assessment in accordance with this Act;

(ii)

deduction against any income for any preceding or subsequent year of assessment in accordance with this Act; and

(iii)

transfer under section 37C;

(dc)

the application of the provisions of this Act for the purpose of the deductions and transfer in paragraph (db) with such modifications as may be prescribed;”.

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