Singapore legislation
Clause 56
Clause 56
New section 92I
The principal Act is amended by inserting, immediately after section 92H, the following section:“Remission of tax of companies for year of assessment 202092I. 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 2020 by the company of an amount equal to the lower of the following:
(a)
25% 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)
$15,000.”.