Clause 20

in subsections (1) and (13)(b), replace “2023” with “2026”;

in subsection (1)(a), after “of services”, insert “for the purpose of meeting needs in Singapore and”;

in subsection (1)(b), after “to an IPC”, insert “to provide services for the purpose of meeting needs in Singapore”; and

replace subsection (4) with —“(4) The maximum amount of qualifying expenditure for which deductions may be allowed under subsection (1) in relation to each IPC is —

$25,000 for the period between 1 July 2016 and 31 December 2016 (both dates inclusive);

$50,000 for each of the calendar years between 2017 and 2023 (both years inclusive); and (c)$100,000 for each of the calendar years between 2024 and 2026 (both years inclusive),and this is irrespective of the number of qualifying persons claiming the deduction.”.