Singapore legislation
Clause 24
Clause 24
Amendment of section 92
Section 92 of the principal Act is amended by inserting, immediately after subsection (2), the following subsections:“(3) Subject to rules made under subsection (4), there shall be remitted the tax payable for the year of assessment 1999 by any company a sum equal to 10% of the specified tax payable by the company for that year of assessment where the Comptroller is satisfied that the remission of tax would be beneficial to the company.(4) The Minister may make rules to provide for —
the exemption from tax of certain dividends received by a shareholder of a company which has been given the remission of tax under subsection (3) where the dividends are received by him from that company;
the exemption from tax of certain dividends received by a shareholder of a company where the dividends are paid by the company out of any dividend which has been exempt from tax under this subsection;
the computation of the amount of tax payable on any dividend derived from Singapore from which tax has been deducted under section 44 for the purposes of the remission under subsection (3); and
generally giving effect to this section.(5) For the purposes of this section, “specified tax payable”, in relation to a company for the year of assessment 1999, means the amount of tax payable by the company ascertained by deducting from the tax payable of the company for that year of assessment computed in accordance with this Act, and the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) if the company is given tax relief under that Act —
any tax payable on any dividend derived from Singapore from which tax has been deducted under section 44; and
any tax payable on any income which is subject to tax at the rate of 15% under section 43(1B).”.