Singapore legislation

Clause 21

Amendment of section 18C

In the ITA, in section 18C —

(a)

in subsection (1B), replace “2025” with “2030”; and

(b)

in subsection (15)(b), replace sub‑paragraphs (i) to (v) with —“(i)where the application for planning permission or conservation permission is made between 25 March 2016 and 31 December 2025 (both dates inclusive) and the application under subsection (1) or (1A) is made on or after 25 March 2016 —

(A)

one of those persons beneficially holds, directly or indirectly, at least 75% of the total number of issued ordinary shares of the other person (being a company);

(B)

one of those persons is entitled, directly or indirectly, to at least 75% of the income of the other person (being a partnership);

(C)

a third person beneficially holds, directly or indirectly, at least 75% of the total number of issued ordinary shares of each of those persons (being companies);

(D)

a third person is entitled, directly or indirectly, to at least 75% of the income of each of those persons (being partnerships); or

(E)

a third person beneficially holds, directly or indirectly, at least 75% of the total number of issued ordinary shares of one of those persons (being a company), and is entitled, directly or indirectly, to at least 75% of the income of the other person (being a partnership); or

(ii)

where the application for planning permission or conservation permission and the application under subsection (1) or (1A) are made on or after 1 January 2026 —

(A)

one of those persons beneficially holds, directly or indirectly, more than 50% of the total number of issued ordinary shares of the other person (being a company);

(B)

one of those persons is entitled, directly or indirectly, to more than 50% of the income of the other person (being a partnership);

(C)

a third person beneficially holds, directly or indirectly, more than 50% of the total number of issued ordinary shares of each of those persons (being companies);

(D)

a third person is entitled, directly or indirectly, to more than 50% of the income of each of those persons (being partnerships); or

(E)

a third person beneficially holds, directly or indirectly, more than 50% of the total number of issued ordinary shares of one of those persons (being a company), and is entitled, directly or indirectly, to more than 50% of the income of the other person (being a partnership).”.

Read in full context — Finance (Income Taxes) Bill →