Singapore legislation

Clause 5

Amendment of section 13S

(1)

Section 13S of the principal Act is amended —

(a)

by inserting, immediately after subsection (3), the following subsection:“(3A) A reference to the Minister in subsection (3), in the case of an approval granted on or after the date of commencement of section 5(1)(a) of the Income Tax (Amendment) Act 2021, includes the authorised body.”; and

(b)

by deleting the definition of “related party” in subsection (20) and substituting the following definition:“ “related party”, in relation to an approved shipping investment enterprise, means —

(a)

any entity that is related to the approved shipping investment enterprise in such manner as may be prescribed by rules made under section 7; or

(b)

any other entity that is approved by the Minister in any particular case to be a related party of the approved shipping investment enterprise;”.

(2)

Section 13S(20) of the principal Act, as amended by section 5(1)(b), is amended by inserting, immediately after the words “by the Minister” in paragraph (b) of the definition of “related party”, the words “or authorised body”.

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