On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 18/04/2013.
14C.
—(1) Subject to this section, where the Comptroller is satisfied that an approved company has incurred approved logistics expenses, there shall be allowed to the company a further deduction of the amount of such expenses specified by the Minister or such person as he may appoint, in addition to the amount allowed under section 14.
[49/2004]
(2) The Minister or such person as he may appoint may —
(a)
specify the items of logistics expenses to be allowed to an approved company under subsection (1);
(b)
specify the maximum amount of logistics expenses to be allowed to an approved company under subsection (1) for each year of assessment, up to the full amount of such expenses incurred by the company;
(c)
specify the number of years of assessment for which deduction is to be allowed to an approved company under subsection (1), up to a maximum of 10 years of assessment; and
(d)
impose such conditions as he thinks fit when approving a company for the purpose of this section.
[49/2004]
(3) No deduction shall be allowed under this section in respect of any logistics expenses which are not allowed as deductions under section 14.
[49/2004]
(4) Where in any relevant period an approved company fails to comply with any condition imposed under subsection (2)(d), there shall be deemed to be income of the company, chargeable with tax for the year of assessment relating to the basis period in which such failure occurs, an amount ascertained in accordance with the formula
where E1, E2, E3, En | is the total amount of logistics expenses allowed to the company under subsection (1) for each year of assessment falling within the relevant period in which such failure occurs; |
C1, C2, C3, Cn | is the rate of tax under section 43(1)(a) or concessionary rate of tax, or both such rates, as the case may be, applicable to the income of the company for each year of assessment falling within the relevant period in which such failure occurs; and |
D | is the rate of tax under section 43(1)(a) or concessionary rate of tax, or both such rates, as the case may be, applicable to the income of the company for the year of assessment relating to the basis period in which such failure occurs. |
[49/2004]
(5) Notwithstanding subsection (4), the Minister or such person as he may appoint may vary all or any of the conditions imposed on an approved company under subsection (2)(d).
[49/2004]
(6) In this section —
“approved” means approved by the Minister or such person as he may appoint;
“approved company” means a company resident in Singapore which —
(a)
undertakes logistics activities in-house in support of its business activities; or
(b)
outsources its logistics activities to a service provider,
and approved by the Minister or such person as he may appoint;
“concessionary rate of tax” means the rate of tax in accordance with —
(a)
any order made under section 13(12);
(b)
section 13H, 43C (in respect of those relating to offshore general insurance business only), 43D, 43E, 43F, 43G, 43H, 43I, 43J, 43K, 43L (repealed), 43N, 43O, 43P, 43Q, 43R, 43S, 43T, 43U, 43V, 43W, 43X, 43Y, 43Z, 43ZA, 43ZB, 43ZC, 43ZD, 43ZE or 43ZF, or the regulations made thereunder, as the case may be; or
[22/2011 wef 01/06/2011]
[34/2008 wef 01/04/2008]
[29/2010 wef 01/04/2010]
(c)
section 19J(5) of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86);
“logistics expenses” means expenses incurred by an approved company which are —
(a)
directly attributable to the carrying out of logistics activities by the company in Singapore; or
(b)
paid to a service provider that carries out the company’s logistics activities in Singapore,
but excludes such expenses on international freight;
“relevant period”, in relation to an approved company, means the period or periods any condition imposed under subsection (2)(d) is to be satisfied by the company.
[49/2004; 34/2005; 7/2007; 53/2007]
(7) No approval shall be granted under this section on or after 1st July 2009.
[49/2004]