Singapore legislation
Clause 2
Clause 2
Amendment of section 10
In the Income Tax Act 1947 (called in this Act the principal Act), in section 10 —
(a)
after subsection (14), insert —“(14A) Subsection (14) applies —
(a)
for income derived in the basis period for the year of assessment 2027, with the modification that the reference to 10% is to 40%; and
(b)
for income derived in the basis period for the year of assessment 2028, with the modification that the reference to 10% is to 70%.(14B) Subsection (14) does not apply to any income mentioned in that subsection that is derived in the basis period for the year of assessment 2029 or any subsequent year of assessment.”; and
(b)
in subsection (15), replace “Subsection (14) does not” with “Subsections (14) and (14A) do not”.