/akn/sg/act/sub_leg/1947/ITA-OR5
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Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Vent... is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-OR5 1947, currently marked in force and first recorded in 1947.
Citation
This Order may be cited as the Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order and shall have effect for the year of assessment 1985 and subsequent years of assessment.
Initial allowance
Subject to paragraph 3, the initial allowance to be made under section 19(1) of the Act in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex shall be equal to 100% of the capital expenditure that is incurred by BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. on the provision of machinery and plant solely for the Hydrocracker Complex up to the time the Hydrocracker Complex starts operating.
Application of initial allowance
The initial allowance made under this Order shall apply only if the construction of buildings or structures and the installation of machinery or plant for the Hydrocracker Complex are completed not later than 30th June 1986.
The Minister may waive the conditions specified in sub-paragraph (1).
Recovery of excess initial allowance
Where the condition specified in paragraph 3 is not satisfied and is not waived by the Minister, section 19A of the Act shall apply and the Comptroller shall be entitled to recover any initial allowance which has been made in excess of that allowable under that section.