On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 18/04/2013.
44A.
—(1) This section shall —
(a)
have effect from 1st January 2003 to 31st December 2007; and
(b)
apply to all companies resident in Singapore which, before 1st January 2003, had been subjected to the provisions of section 44 in force immediately before that date.
[37/2002]
(2) Any excess carried forward by a company under section 44(5) as at 31st December 2002 (referred to in this Act as the 44A balance) remaining as at any date during the period from 1st January 2003 to 31st December 2007 shall be computed in accordance with this section and section 44(6).
[37/2002]
(3) Except as provided in subsections (5) and (12), any tax or additional tax assessed after 31st December 2002 on a company shall not be added to the 44A balance.
[37/2002]
(4) Notwithstanding anything in this Act, where the tax on any dividend paid by a company in the year 2007 has been deducted at the rate of 20% —
(a)
the amount of such dividend received by a shareholder shall be deemed to have been paid without deduction of tax and to be a dividend of such a gross amount as after deduction of tax at the rate of 18% would be equal to the net amount paid; and a sum equal to the difference between such gross amount and the net amount paid shall be deemed to have been deducted from the dividend as tax; and
(b)
the difference between the amount of tax deducted at 20% from such dividend and the amount deemed to have been so deducted under paragraph (a) shall be added to the 44A balance of the company and deemed to be a part thereof.
[53/2007]
(5) Notwithstanding subsection (3), where a company has furnished to the Comptroller an estimate of its chargeable income for the year of assessment 2003 on or before 31st March 2003, the tax assessed on or after 1st January 2003 on such chargeable income, after deducting any amount of such tax which is set-off under subsection (9) and section 44(18), shall be added to the 44A balance of the company on the date such tax is assessed.
[37/2002]
(6) Where tax assessed on a company for any year of assessment is subsequently reduced at any time from 1st January 2003 to 31st December 2007 —
(a)
the amount of tax reduced shall be deemed to be a reduction of tax for that year of assessment which has been previously assessed during the period from 1st January 2003 to the date of the reduction of tax (except for the tax assessed on the estimated chargeable income for the year of assessment 2003 referred to in subsection (5)); and
(b)
any remaining amount of tax reduced shall be deemed to be a reduction of tax for that year of assessment which has been assessed on or before 31st December 2002 and any tax assessed on the estimated chargeable income for the year of assessment 2003 referred to in subsection (5).
[37/2002]
(7) For the purpose of subsection (6), tax previously assessed during the period from 1st January 2003 to the date of the reduction of tax shall not include any amount of tax previously assessed which has been deemed to be tax restored under subsection (11)(b).
[37/2002]
(8) Where any amount of tax is deemed to be a reduction under subsection (6)(b), it shall be deducted from the 44A balance of the company remaining as at the day of the reduction, and where the amount to be so deducted exceeds the 44A balance, a charge or additional charge equal to the amount of such excess shall be paid by the company to the Comptroller within 14 days of the notice of charge or additional charge.
[37/2002]
(9) Any charge or additional charge paid by a company to the Comptroller under subsection (8) and any charge or additional charge payable under section 44(6) in force immediately before 1st January 2003 shall be used to set-off any tax assessed prior to 1st January 2008 on it subsequent to the charge or additional charge.
[37/2002]
(10) Where any tax assessed after 31st December 2002 which has been set-off by any charge or additional charge paid by a company to the Comptroller under subsection (8), or section 44(4) or (6) in force immediately before 1st January 2003, is subsequently reduced and the reduction is deemed to be a reduction under subsection (6)(a), the charge or additional charge paid under those subsections shall be restored by the amount of tax reduced, and the restored charge or additional charge shall be paid by the company to the Comptroller within 14 days from the date of the reduction of the tax assessed.
[21/2003]
(11) Where additional tax is assessed at any time from 1st January 2003 to 31st December 2007 on a company for any year of assessment subsequent to a reduction of tax during that period, the amount of additional tax assessed shall be deemed to be a restoration of the following:
(a)
firstly, the amount of tax for that year of assessment previously deemed to be a reduction under subsection (6)(a); and
(b)
secondly, where the amount of additional tax assessed for that year of assessment exceeds the amount referred to in paragraph (a), the amount of tax for that year of assessment previously deemed to be a reduction under subsection (6)(b),
and any remaining amount of additional tax assessed shall be an additional tax assessed which is not deemed to be tax restored in accordance with paragraphs (a) and (b) and shall not be added to the 44A balance of the company.
[37/2002]
(12) Where any amount of additional tax for a year of assessment is deemed to be tax restored under subsection (11)(b), such amount of additional tax, up to the aggregate of —
(a)
the amount of such tax previously deducted from the 44A balance of the company under subsection (8); and
(b)
the amount of such tax previously resulting in a charge or additional charge under subsection (8) which was used to set-off any subsequent tax assessed on estimated chargeable income for the year of assessment 2003 under subsection (5),
after deducting any amount of such tax which is set-off under subsection (9) and section 44(17) and (18), may upon the application of the company and subject to the submission of sufficient records and reconciliation of the additional tax to the Comptroller, be added back to the 44A balance of the company on the date which the additional tax is assessed.
[37/2002; 21/2003]
(13) In this section, “tax assessed” and “relevant rate of tax” have the same meanings as in section 44(20).
[37/2002]