Finance (Income Taxes) Bill · cl 17

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In the ITA, in section 37 —(a)replace subsection (2) with —“(2) For the purposes of this section, and unless otherwise provided in this Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967, where a person is —(a)a company whose income (if any) is subject to tax at different rates of tax for any year of assessment; or(b)a body of persons whose income (if any) is subject to tax at different rates of tax for the year of assessment 2027 or any subsequent year of assessment,the Comptroller must apportion any sum allowable under subsection (3)(b), (c) or (f) (as applicable) among the different rates of tax on such basis as the Comptroller considers reasonable.”;(b)in subsection (3), delete paragraph (d);(c)in subsections (3A) and (10A), replace “subsection (3)(b) to (f)” with “subsection (3)(b), (c), (e) and (f)”;(d)in subsection (3A)(a)(ii), replace “31 December 2026” with “31 December 2029”;(e)in subsections (3B), (3C), (3F), (3G), (7), (8), (9) and (12), delete “(d),”;(f)in subsection (3B), replace “, an institution of a public character or a prescribed educational, research or other institution in Singapore” with “or an institution of a public character”;(g)in subsection (3B)(a), replace “, institution of a public character or educational, research or other institution” with “or institution of a public character”;(h)in subsection (3E), in the definition of “governing instrument”, delete “(d),”;(i)in subsection (3E), in the definition of “recipient”, in paragraph (c), insert “or” at the end;(j)in subsection (3E), in the definition of “recipient”, delete paragraph (d); and(k)delete subsection (3K).

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cl 17Amendment of section 37

In the ITA, in section 37 —

(a)

replace subsection (2) with —“(2) For the purposes of this section, and unless otherwise provided in this Act or the Economic Expansion Incentives (Relief from Income Tax) Act 1967, where a person is —

(a)

a company whose income (if any) is subject to tax at different rates of tax for any year of assessment; or

(b)

a body of persons whose income (if any) is subject to tax at different rates of tax for the year of assessment 2027 or any subsequent year of assessment,the Comptroller must apportion any sum allowable under subsection (3)(b), (c) or (f) (as applicable) among the different rates of tax on such basis as the Comptroller considers reasonable.”;

(b)

in subsection (3), delete paragraph (d);

(c)

in subsections (3A) and (10A), replace “subsection (3)(b) to (f)” with “subsection (3)(b), (c), (e) and (f)”;

(d)

in subsection (3A)(a)(ii), replace “31 December 2026” with “31 December 2029”;

(e)

in subsections (3B), (3C), (3F), (3G), (7), (8), (9) and (12), delete “(d),”;

(f)

in subsection (3B), replace “, an institution of a public character or a prescribed educational, research or other institution in Singapore” with “or an institution of a public character”;

(g)

in subsection (3B)(a), replace “, institution of a public character or educational, research or other institution” with “or institution of a public character”;

(h)

in subsection (3E), in the definition of “governing instrument”, delete “(d),”;

(i)

in subsection (3E), in the definition of “recipient”, in paragraph (c), insert “or” at the end;

(j)

in subsection (3E), in the definition of “recipient”, delete paragraph (d); and

(k)

delete subsection (3K).