Income Tax Act 1947 · 2020 Revised Edition · Part 19 · Collection, Recovery and Repayment of Tax
92E. Remission of tax of companies for year of assessment 2016
Feedback & supportLast amended by an amending law of 2017. 2 amendments in all.
Where the Comptroller is satisfied that the remission of tax would be beneficial to a company, then there is to be remitted the tax payable for the year of assessment 2016 by the company of an amount equal to the lower of the following:
Comptroller
“Comptroller” means the Comptroller of Income Tax appointed under section 3(1) and includes, for all purposes of this Act except the exercise of the powers conferred upon the Comptroller by sections 34F(9), 37L(7), 37M(5), 67(1)(a), 95, 96, 96A and 101, a Deputy Comptroller or an Assistant Comptroller so appointed;
50% of the tax payable for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B));
$20,000.