Singapore legislation

Clause 4

Amendment of section 19A

Section 19A of the principal Act is amended —

(a)

by deleting the word “or” at the end of paragraph (d) of subsection (1);

(b)

by deleting the comma at the end of paragraph (e) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(f)he has, for the purposes of energy conservation and of a trade, profession or business carried on by him, installed any approved machinery or plant in replacement of other machinery or plant or installed any specified energy saving equipment; or

(g)

he is carrying on business as a financial institution or a leasing company,”;

(c)

by deleting the word “and” at the end of sub-paragraph (iv) of subsection (1);

(d)

by deleting the full-stop at the end of sub-paragraph (v) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraphs:“(vi)on or after 1st January, 1982, on the provision of that approved machinery or plant in replacement of other machinery or plant or of that specified energy saving equipment; and

(vii)

on the provision of machinery or plant by the financial institution or the leasing company if that machinery or plant is let under a finance lease made on or after 1st April, 1982, to a person who would have been entitled to an annual allowance provided by this section had he incurred the capital expenditure on the machinery or plant.”; and

(e)

by deleting the full-stop at the end of paragraph (d) of subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(e)“approved machinery or plant” means —

(i)

any central air-conditioning equipment;

(ii)

any boiler;

(iii)

any water pumping equipment;

(iv)

any laundry equipment;

(v)

any refrigeration equipment;

(vi)

any lift; and

(vii)

any escalator,approved by the Minister or such person as he may appoint;

(f)

“specified energy saving equipment” means —

(i)

any solar heating and cooling equipment;

(ii)

any heat recovery equipment;

(iii)

any power factor controller; and

(iv)

any other energy saving equipment or device, specified by the Minister or such person as he may appoint;

(g)

“financial institution” means any bank or any finance company licensed under the Finance Companies Act (Cap. 191);

(h)

“leasing company” means any company or firm whose business consists wholly of the leasing of machinery or plant.”.

Read in full context — Income Tax (Amendment) Bill →