Singapore legislation
Clause 42
Clause 42
New section 92E
The principal Act is amended by inserting, immediately after section 92D, the following section:“Remission of tax of companies for years of assessment 2016 and 201792E. 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 each of the years of assessment 2016 and 2017 by the company of an amount equal to the lower of the following:
(a)
30% 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));
(b)
$20,000.”.