Singapore legislation
Clause 21
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 21
Validation relating to section 37 of principal Act
(1)
This section applies to an approval of royalties or technical assistance fees or contributions purportedly granted to a company under section 37 of the principal Act before 1 April 2023, being royalties, fees or contributions payable to a non‑resident person under an agreement or arrangement already entered into between the company and the non‑resident person before the date of the application for approval.
(2)
The approval is, and is taken always to have been, by force of this section, validly granted in accordance with section 37 of the principal Act as if section 37 of the principal Act had at the material time allowed approval to be granted for an agreement or arrangement already entered into before the application for approval.
(3)
Any exemption from tax of, or authorisation that tax at a concessionary rate be levied and paid on, those royalties, fees or contributions, or any other thing done, under the principal Act or the Income Tax Act 1947 whether before, on or after 1 April 2023, on the basis of the approval is, and is taken always to have been, by force of this section, valid or validly done under the principal Act or the Income Tax Act 1947, as the case may be.