On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 31/03/2005.
97ZG.
—(1) Any company which is desirous of undertaking any research and development project in Singapore or elsewhere may apply in the prescribed form to the Minister to be approved for the tax exemption under this Part on any remitted income during its tax relief period.
[11/2004]
(2) Where the Minister considers it expedient, having regard to the economic, technical and other merits of the research and development project, he may approve the company for the tax exemption under this Part and issue a letter of approval to the company subject to the following conditions:
(a)
the whole amount of any remitted income is used by the company by the end of the 5th basis period commencing from the year of receipt of the remitted income on any research and development project undertaken by it in Singapore or elsewhere;
(b)
at least 20% of any remitted income is used by the company by the end of the 5th basis period commencing from the year of receipt of the remitted income on any research and development project undertaken by it in Singapore;
(c)
any research and development project undertaken by the company in Singapore on which any remitted income is used is not an approved research and development project under section 14E of the Income Tax Act (Cap. 134);
(d)
any intellectual property right resulting from any research and development project undertaken by the company on which any remitted income is used is owned and commercialised by the company; and
(e)
such other conditions as the Minister may impose.
(3)
No approval under subsection (2) shall be given after 31st May 2008.
[11/2004]