Singapore Statutes Online - 86 - Economic Expansion Incentives (Relief from Income Tax) Act

Economic Expansion Incentives (Relief from Income Tax) Act
(CHAPTER 86)

Part I PRELIMINARY

1 Short title

2 Act to be construed as one with Income Tax Act

3 Interpretation

Part II PIONEER INDUSTRIES

4 Power and procedure for declaring an industry and a product a pioneer industry and a pioneer product

5 Application for and issue and amendment of pioneer certificate

6 Tax relief period of pioneer enterprise

7 Provisions governing old and new trade or business

8 Restrictions on trading before end of tax relief period

9 Power to give directions

10 Ascertainment of income in respect of old trade or business

11 Application of Part XVI of Income Tax Act

12 Comptroller to issue statement of income

13 Exemption from income tax

14 Certain dividends exempted from income tax

15 Carry forward of loss and allowance

Part III PIONEER SERVICE COMPANIES

16 Interpretation of this Part

17 Application for and issue and amendment of certificate for pioneer service company

18 Tax relief period of pioneer service company

19 Application of sections 7 to 15 to pioneer service company

Part IIIA POST-PIONEER COMPANIES

19A Interpretation of this Part

19B Application for and issue of certificate to post-pioneer company

19C Tax relief period of post-pioneer company

19D Ascertainment of income in respect of other trade or business

19E Deduction of losses

19F Certain dividends exempted from income tax

19G Power to give directions

19H Ascertainment of income in respect of qualifying activities

Part IIIB DEVELOPMENT AND EXPANSION INCENTIVE

19I Interpretation of this Part

19J Application for and issue of certificate to development and expansion company

19K Tax relief period of development and expansion company

19L Certain dividends exempted from income tax

19M Application of sections 19D, 19E, 19G and 19H to development and expansion company

Part IV EXPANSION OF ESTABLISHED ENTERPRISES

20 Power and procedure for declaring an industry and a product an approved industry and an approved product

21 Issue of expansion certificate and amendment thereof

22 Tax relief period of expanding enterprise

23 Application of section 9 to expanding enterprise

24 Tax relief

25 Exemption from income tax of dividends from expanding enterprise

Part V EXPANDING SERVICE COMPANIES

26 Application for and issue and amendment of certificate for expanding service company

27 Tax relief period of expanding service company

28 Application of certain sections to expanding service company

Part VI PRODUCTION FOR EXPORT

29 Power to approve a product or produce as an export product or export produce

30 Application for and issue of export enterprise certificate

31 Amendment of export enterprise certificate

32 Tax relief period

33 Power to give directions

34 Application of Part XVI of Income Tax Act

35 Cognizance of export

36 Export to be in accordance with regulations and conditions

37 Computation of export profits

38 Conditions for relief

39 Tax relief on export profits

40 Dividends exempted

41 Power of entry into premises and taking of samples

42 No relanding of export product or export produce

43 Powers of search, seizure and arrest by officers of customs

44 Offence under other laws deemed to be an offence under this Act

Part VIA EXPORT OF SERVICES

44A Interpretation of this Part

44B Application for and issue of certificate to export service company or export service firm

44C Tax relief period of export service company or firm

44D Application of certain sections to export service company or firm

44E Ascertainment of income of export service company or firm

44F Comptroller to issue statement of income

44G Certification by auditor

44H Application of this Part to partnership

44I Deduction of allowances and losses

Part VII INTERNATIONAL TRADE INCENTIVES

45 Interpretation of this Part

46 International trading company

47 Tax relief period of international trading company

48 Power to give directions

49 Application of Part XVI of Income Tax Act

50 Ascertainment of income in respect of other trade or business

51 Computation of export income and exemption from tax

52 Conditions for relief

53 Certain dividends exempted from income tax

54 Recovery of tax exempted

55 Application of Parts XVII and XVIII of Income Tax Act

56 Application of certain sections to international trading company

Part VIII FOREIGN LOANS FOR PRODUCTIVE EQUIPMENT

57 Application for and issue of approved foreign loan certificate

58 Restriction on disposal of specified productive equipment

59 Exemption of approved foreign loan interest from tax

60 Exemption of additional interest on approved foreign loan from tax

Part IX ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONS

61 Application for and issue of approved royalties, fees or contributions certificate

62 Notice of variation of terms of agreement

63 (Repealed)

64 Reduction of tax for approved royalties, fees or contributions

65 Exemption from tax where investment made in approved enterprise

Part X INVESTMENT ALLOWANCES

66 Interpretation of this Part

67 Capital expenditure investment allowance

68 Investment allowance

69 Crediting of investment allowance

70 Prohibition to sell, lease out or dispose of assets

71 Exemption from income tax

72 Certain dividends exempted from income tax

73 Recovery of tax exempted

74 Application of Parts XVII and XVIII of Income Tax Act

Part XI WAREHOUSING AND SERVICING INCENTIVES

75 Interpretation of this Part

76 Approved warehousing company or servicing company

77 Tax relief period of warehousing company or servicing company

78 Prohibition of acquisition without approval

79 Application of certain sections to warehousing company or servicing company

80 Application of Part XVI of Income Tax Act

81 Computation of export earnings and exemption from tax

82 Certain dividends exempted from income tax

83 Recovery of tax exempted

84 Application of Parts XVII and XVIII of Income Tax Act

Part XII INTERNATIONAL CONSULTANCY SERVICES

85 Interpretation of this Part

86 Approved consultancy company or consultancy firm

87 Tax relief period of consultancy company or consultancy firm

88 Application of certain sections to consultancy company or consultancy firm

89 Computation of eligible consultancy revenue and exemption from tax

90 Certain dividends exempted from income tax

91 Recovery of tax exempted

92 Application of Parts XVII and XVIII of Income Tax Act

Part XIII INVESTMENTS IN NEW TECHNOLOGY COMPANIES

93 Interpretation of this Part

94 Application for and issue of certificate to technology company

95 Deductions allowable to eligible holding company

96 Prohibition of other trade or business

97 Recovery of tax

Part XIIIA OVERSEAS INVESTMENT AND VENTURE CAPITAL INCENTIVES

97A Interpretation of this Part

97B Application for and issue of certificate to venture company

97C Application for and issue of certificate to technology investment company or overseas investment company

97D Deduction of losses allowable to eligible holding company or eligible individual

97E Prohibition of other trade or business

97F Recovery of tax

97G Deduction of losses incurred overseas by eligible investment company

Part XIIIB OVERSEAS ENTERPRISE INCENTIVE

97H Interpretation of this Part

97I Application for and issue of certificate to overseas enterprise

97J Tax relief period of overseas enterprise

97K Separate accounts for qualifying activity

97L Power to give directions

97M Qualifying income

97N Application of Part XVI of Income Tax Act

97O Statement of qualifying income

97P Exemption from income tax

97Q Certain dividends exempted from income tax

97R Certification of income by auditor

Part XIV MISCELLANEOUS PROVISIONS

98 Prohibition of publication of application and certificate

99 Revocation of certificate

100 Provisions of Income Tax Act not affected

101 Offences and penalties

102 Attempts or abetments

103 Conduct of prosecution

104 Composition of offences

105 Jurisdiction of Courts

106 Offences by companies and by employees and agents

107 Action of officers no offence

108 Regulations

Legislative History

Restriction on disposal of specified productive equipment

58. Any productive equipment purchased and financed from an approved foreign loan shall not be sold, transferred, or otherwise disposed of without the prior written permission of the Minister, unless the loan has been repaid in full.