On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 28/05/2009.
4.
—(1) The amount of the income to be exempted from tax under regulation 3(2) shall be determined by the Comptroller, having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining the income to be exempted.
(2) In determining the amount of the income to be exempted, any loss incurred in respect of an approved syndicated offshore credit or underwriting facility, or syndicated guarantee facility or any capital allowances or donations attributable to that income shall only be deducted against income to be exempted under regulation 3(2), and any balance of such loss, capital allowances or donations shall not be available as a deduction against any other income.
(3) For the purposes of paragraphs (1) and (2) —
(a)
the deduction of donations shall only be made after the deduction of capital allowances and losses;
(b)
a donation made on an earlier date shall be deducted in priority over a donation made on a later date; and
(c)
the deduction of the donations shall as far as possible be made against the income to be exempted from tax for the year of assessment relating to the year in which the donations were made and, so far as the deduction cannot be so made, then against the income to be exempted from tax for the subsequent year of assessment, and so on; except that any balance of the donations not deducted against the income to be exempted from tax for the fifth year of assessment after the year of assessment relating to the year in which the donations were made shall be disregarded.
(4) Where the income to be exempted from tax under regulation 3(2) is income referred to in regulation 5(5)(b) or 6(6)(b), then the income to be so exempted shall be further reduced by the amount of deemed income referred to in regulation 5(5) or 6(6).
(5) [Deleted by S 236/2009 wef 17/01/2008]
(6) [Deleted by S 236/2009 wef 17/01/2008]