Singapore legislation
Regulation 4
Regulation 4
Modification or exception to section 13A of Act (Exemption of shipping profits)
Subregulation 1
Where —
an amalgamated company is a shipping enterprise; and
all of the amalgamating companies that are shipping enterprises have elected under section 13A(13) of the Act for their respective incomes derived or deemed to be derived from the operation of all of their respective Singapore ships to be taxed at the rate prescribed by section 43(1)(a) of the Act,then the income of the amalgamated company that is derived or deemed to be derived from the operation of all its Singapore ships shall be taxed at the rate prescribed by section 43(1)(a) of the Act as if the amalgamated company had made an election under section 13A(13) of the Act for the same.
Subregulation 2
Where —
an amalgamated company is a shipping enterprise; and
one or more, but not all, of the amalgamating companies that are shipping enterprises have elected under section 13A(13) of the Act for their respective incomes derived or deemed to be derived from the operation of all of their respective Singapore ships to be taxed at the rate prescribed by section 43(1)(a) of the Act,then the exemption under section 13A of the Act of the income of the amalgamated company derived or deemed to be derived by the amalgamated company from the operation of all of its Singapore ships shall not be affected by any such election made by any amalgamating company.
Subregulation 3
If the amalgamated company wishes for its income that is derived or deemed to be derived from the operation of all its Singapore ships to be taxed at the rate prescribed by section 43(1)(a) of the Act, the amalgamated company shall make an election for the same under section 13A(13) of the Act no later than the time it furnishes a return of income to the Comptroller for the year of assessment relating to the basis period in which the date of amalgamation falls.