Income Tax Act 1947 · 2020 Revised Edition · Part 19 · Collection, Recovery and Repayment of Tax
92C. Cash grant for companies for year of assessment 2012
Feedback & supportWhere a company carrying on business in Singapore has made a contribution to the Central Provident Fund in respect of at least one of its qualifying employees during the basis period for the year of assessment 2012, there is to be made to the company for the year of assessment 2012 a cash grant of —
company
“company” means any company incorporated or registered under any law in force in Singapore or elsewhere;
5% of the gross amount of the income derived by the company from its principal activities in the basis period for the year of assessment 2012; or
$5,000,whichever is the lower.
No cash grant under subsection (1) may be made if the company has ceased to carry on business in Singapore.
The Minister may waive the requirement under subsection (1) in respect of the contribution to the Central Provident Fund by the company if the Minister is satisfied that it is just and equitable to do so.
The cash grant under subsection (1) is exempt from tax in the hands of the company.
Section 92B(4) to (8) applies, with the necessary modifications, to this section.
In this section, “qualifying employee” means an employee of the company based on the payroll for any month within its basis period for the year of assessment 2012, but excludes any employee who is also a shareholder of the company.
year of assessment
“year of assessment” means the period of 12 months commencing on 1 January 1948, and each subsequent period of 12 months.
In the application (by virtue of section 36B) of this section to a registered business trust, a reference to a contribution by a company to the Central Provident Fund in respect of at least one of its qualifying employees is a reference to a contribution by the trustee‑manager of the business trust to the Central Provident Fund in respect of at least one of its employees, being one —
who is an employee of the trustee‑manager according to the payroll for any month within the basis period of the trust for the year of assessment 2012; and
whose sole duty is assisting in managing or operating the trust,but excluding any employee who is also a unitholder of the trust.