Singapore legislation
Clause 8
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 8
Amendment of section 35
In the principal Act, in section 35, replace subsections (2) and (3) with —“(2) Without affecting section 61, where, on or after the date of commencement of section 8 of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2023, a company contravenes section 34, or any condition under section 33(4)(a), in respect of an approved foreign loan, the Minister may revoke the approval for the loan under section 33(4)(a) with effect from a date determined by the Minister, which may be a date that is before the date on which notice of the revocation is given (including a date before the date of contravention).(3) Where the approval of any loan is revoked under subsection (2) or section 61, the amount of tax which, but for subsection (1), would have been deductible by the company from the interest payable by it to the foreign lender under section 45 of the Income Tax Act 1947 —
is considered to have been deducted from any interest that was payable from and including the date determined by the Minister under subsection (2) or section 61(3), as the case may be;
is a debt due from the company to the Government; and
is, with the prior sanction of the Minister, recoverable in the manner provided by section 89 of the Income Tax Act 1947.(4) The Minister charged with the responsibility for finance may waive all or a part of any debt due from a company under subsection (3) that arises from the revocation of any approval under subsection (2), if that Minister is satisfied that the company did not knowingly or intentionally contravene —
section 34; or
the condition imposed under section 33(4)(a),as the case may be.”.