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Enacting Formula

 
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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 16/12/2008.
Amendment of section 2
2.  Section 2 of the Income Tax Act (referred to in this Act as the principal Act) is amended —
(a)
by deleting the definition of “research and development” in subsection (1) and substituting the following definition:
“ “research and development” means any systematic, investigative and experimental study that involves novelty or technical risk carried out in the field of science or technology with the object of acquiring new knowledge or using the results of the study for the production or improvement of materials, devices, products, produce, or processes, but does not include —
(a)
quality control or routine testing of materials, devices or products;
(b)
research in the social sciences or the humanities;
(c)
routine data collection;
(d)
efficiency surveys or management studies;
(e)
market research or sales promotion;
(f)
routine modifications or changes to materials, devices, products, processes or production methods;
(g)
cosmetic modifications or stylistic changes to materials, devices, products, processes or production methods; or
(h)
development of a computer software that is not intended to be sold, rented, leased, licensed or hired to 2 or more persons who are not related parties (within the meaning of subsection (3)) to each other, and to the person who develops the software or on whose behalf the development of the software is undertaken;”;
(b)
by deleting the definition of “treasury share” in subsection (1) and substituting the following definition:
“ “treasury share”  —
(a)
in relation to a company incorporated under the Companies Act (Cap. 50) or any corresponding previous written law, means a treasury share as defined in section 4(1) of that Act; and
(b)
in relation to a company incorporated under the law of a country other than Singapore, means a share issued by the company which is subsequently acquired and held by it;”; and
(c)
by inserting, immediately after subsection (2), the following subsection:
“(3)  In the definition of “research and development” in subsection (1), a person is a related party to another if he, directly or indirectly, controls the other person, or is controlled, directly or indirectly, by the other person, or where he and the other person, directly or indirectly, are under the control of a common person.”.