Singapore legislation
Clause 14
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 14
Validation
(1)
This section applies to any substitution made by the Minister, before the date of commencement of section 6, of the concessionary rate of tax specified in a certificate issued to a development and expansion company for expansion income derived from any qualifying activity, with another concessionary rate.
(2)
Every substitution mentioned in subsection (1) is, and is taken always to have been, by force of this section, validly made; and no legal proceedings may be instituted on or after 8 January 2018 in any court on account of or in respect of any such substitution.
(3)
The collection and recovery of any tax, or any other thing done, before the date of commencement of section 6 on the basis of the substituted rate is, and is taken always to have been, by force of this section, validly done under the principal Act and the Income Tax Act (Cap. 134).