Source: http://statutes.agc.gov.sg/aol/search/display/view.w3p;ident=0cd452b4-95ae-47da-99d9-46d49b5112da;orderBy=date-rev,loadTime;page=0;query=Id%3A%22f20cd80e-bd99-46c6-ba7d-600d71a74c7c%22%20Status%3Apublished;rec=0
Timestamp: 2013-06-20 07:55:13
Document Index: 53339174

Matched Legal Cases: ['art17', 'art19', 'art19', 'art44', 'art46', 'art67', 'art76', 'art86', 'art94', 'art97', 'art97']

ContentsEconomic Expansion Incentives (Relief from Income Tax) Act(CHAPTER 86)Long TitlePart I PRELIMINARY1 Short title2 Act to be construed as one with Income Tax Act3 InterpretationPart II PIONEER INDUSTRIES4 Power and procedure for declaring an industry and a product a pioneer industry and a pioneer product5 Application for and issue and amendment of pioneer certificate6 Tax relief period of pioneer enterprise7 Provisions governing old and new trade or business8 Restrictions on trading before end of tax relief period9 Power to give directions10 Ascertainment of income in respect of old trade or business11 Application of Part XVI of Income Tax Act12 Comptroller to issue statement of income13 Exemption from income tax14 Certain dividends exempted from income tax15 Carry forward of loss and allowancePart III PIONEER SERVICE COMPANIES16 Interpretation of this Part17 Application for and issue and amendment of certificate for pioneer service company18 Tax relief period of pioneer service company19 Application of sections 7 to 15 to pioneer service companyPart IIIA POST-PIONEER COMPANIES19A Interpretation of this Part19B Application for and issue of certificate to post-pioneer company19C Tax relief period of post-pioneer company19D Ascertainment of income in respect of other trade or business19E Deduction of losses19F Certain dividends exempted from income tax19G Power to give directions19H Ascertainment of income in respect of qualifying activitiesPart IIIB DEVELOPMENT AND EXPANSION INCENTIVE19I Interpretation of this Part19J Application for and issue of certificate to development and expansion company19K Tax relief period of development and expansion company19L Certain dividends exempted from income tax19M Application of sections 19D, 19E, 19G and 19H to development and expansion companyPart IV EXPANSION OF ESTABLISHED ENTERPRISES20 Power and procedure for declaring an industry and a product an approved industry and an approved product21 Issue of expansion certificate and amendment thereof22 Tax relief period of expanding enterprise23 Application of section 9 to expanding enterprise24 Tax relief25 Exemption from income tax of dividends from expanding enterprisePart V EXPANDING SERVICE COMPANIES26 Application for and issue and amendment of certificate for expanding service company27 Tax relief period of expanding service company28 Application of certain sections to expanding service companyPart VI PRODUCTION FOR EXPORT29 Power to approve a product or produce as an export product or export produce30 Application for and issue of export enterprise certificate31 Amendment of export enterprise certificate32 Tax relief period33 Power to give directions34 Application of Part XVI of Income Tax Act35 Cognizance of export36 Export to be in accordance with regulations and conditions37 Computation of export profits38 Conditions for relief39 Tax relief on export profits40 Dividends exempted41 Power of entry into premises and taking of samples42 No relanding of export product or export produce43 Powers of search, seizure and arrest by officers of customs44 Offence under other laws deemed to be an offence under this ActPart VIA EXPORT OF SERVICES44A Interpretation of this Part44B Application for and issue of certificate to export service company or export service firm44C Tax relief period of export service company or firm44D Application of certain sections to export service company or firm44E Ascertainment of income of export service company or firm44F Comptroller to issue statement of income44G Certification by auditor44H Application of this Part to partnership44I Deduction of allowances and lossesPart VII INTERNATIONAL TRADE INCENTIVES45 Interpretation of this Part46 International trading company47 Tax relief period of international trading company48 Power to give directions49 Application of Part XVI of Income Tax Act50 Ascertainment of income in respect of other trade or business51 Computation of export income and exemption from tax52 Conditions for relief53 Certain dividends exempted from income tax54 Recovery of tax exempted55 Application of Parts XVII and XVIII of Income Tax Act56 Application of certain sections to international trading companyPart VIII FOREIGN LOANS FOR PRODUCTIVE EQUIPMENT57 Application for and issue of approved foreign loan certificate58 Restriction on disposal of specified productive equipment59 Exemption of approved foreign loan interest from tax60 Exemption of additional interest on approved foreign loan from taxPart IX ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONS61 Application for and issue of approved royalties, fees or contributions certificate62 Notice of variation of terms of agreement63 (Repealed)64 Reduction of tax for approved royalties, fees or contributions65 Exemption from tax where investment made in approved enterprisePart X INVESTMENT ALLOWANCES66 Interpretation of this Part67 Capital expenditure investment allowance68 Investment allowance69 Crediting of investment allowance70 Prohibition to sell, lease out or dispose of assets71 Exemption from income tax72 Certain dividends exempted from income tax73 Recovery of tax exempted74 Application of Parts XVII and XVIII of Income Tax ActPart XI WAREHOUSING AND SERVICING INCENTIVES75 Interpretation of this Part76 Approved warehousing company or servicing company77 Tax relief period of warehousing company or servicing company78 Prohibition of acquisition without approval79 Application of certain sections to warehousing company or servicing company80 Application of Part XVI of Income Tax Act81 Computation of export earnings and exemption from tax82 Certain dividends exempted from income tax83 Recovery of tax exempted84 Application of Parts XVII and XVIII of Income Tax ActPart XII INTERNATIONAL CONSULTANCY SERVICES85 Interpretation of this Part86 Approved consultancy company or consultancy firm87 Tax relief period of consultancy company or consultancy firm88 Application of certain sections to consultancy company or consultancy firm89 Computation of eligible consultancy revenue and exemption from tax90 Certain dividends exempted from income tax91 Recovery of tax exempted92 Application of Parts XVII and XVIII of Income Tax ActPart XIII INVESTMENTS IN NEW TECHNOLOGY COMPANIES93 Interpretation of this Part94 Application for and issue of certificate to technology company95 Deductions allowable to eligible holding company96 Prohibition of other trade or business97 Recovery of taxPart XIIIA OVERSEAS INVESTMENT AND VENTURE CAPITAL INCENTIVES97A Interpretation of this Part97B Application for and issue of certificate to venture company97C Application for and issue of certificate to technology investment company or overseas investment company97D Deduction of losses allowable to eligible holding company or eligible individual97E Prohibition of other trade or business97F Recovery of tax97G Deduction of losses incurred overseas by eligible investment companyPart XIIIB OVERSEAS ENTERPRISE INCENTIVE97H Interpretation of this Part97I Application for and issue of certificate to overseas enterprise97J Tax relief period of overseas enterprise97K Separate accounts for qualifying activity97L Power to give directions97M Qualifying income97N Application of Part XVI of Income Tax Act97O Statement of qualifying income97P Exemption from income tax97Q Certain dividends exempted from income tax97R Certification of income by auditorPart XIV MISCELLANEOUS PROVISIONS98 Prohibition of publication of application and certificate99 Revocation of certificate100 Provisions of Income Tax Act not affected101 Offences and penalties102 Attempts or abetments103 Conduct of prosecution104 Composition of offences105 Jurisdiction of Courts106 Offences by companies and by employees and agents107 Action of officers no offence108 RegulationsLegislative History Related Subsidiary Legislation |
The closest version currently available is that of 30/04/1996.
ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONSApplication for and issue of approved royalties, fees or contributions certificate61.—(1) A company engaged in any industry which is desirous of entering into an agreement or arrangement with a non-resident person whereby royalties or technical assistance fees or contributions to research and development costs are payable to the non-resident person, may apply to the Minister for a certificate certifying those royalties, fees or contributions to be approved royalties, fees or contributions, as the case may be, for the purposes of this Part.(2) The application shall be in such form containing such particulars as may be prescribed, and shall be accompanied by a copy of the proposed agreement or arrangement certified by the non-resident person.(3) Where the Minister is satisfied as to the bona fides of any application made under this section and that it is expedient in the public interest to do so, he may issue a certificate in the terms of the application, subject to such conditions as he thinks fit.Notice of variation of terms of agreement62.—(1) If for any reason any approved royalties, fees or contributions payable by a company cease to become payable before the expiry of the period of agreement or arrangement related thereto, the company shall, within 30 days from the date on which the royalties, fees or contributions cease to become payable, give notice thereof to the Minister.(2) The company to which a certificate has been issued under section 61 shall not, without the prior sanction of the Minister, amend or otherwise vary the terms of the agreement or arrangement related thereto, except in cases where for the same consideration the amount of the approved royalties, fees or contributions is to be reduced and in that event the company shall notify the Minister accordingly within 30 days from the date on which the amount is reduced.
63. [Repealed by Act 1/95]Reduction of tax for approved royalties, fees or contributions64.—(1) Notwithstanding section 43(1)(b) of the Income Tax Act, the Minister may, subject to subsection (2), if he is satisfied that it is expedient in the public interest to do so, by an endorsement to that effect on the approved royalties, fees or contributions certificate, exempt from tax or authorise that tax at such concessionary rate as specified in the certificate be levied and paid upon any approved royalties, fees or contributions received by a non-resident person.(2) Where a company has contravened section 62(2) or any condition imposed by the Minister under section 61(3), the amount of tax which, but for subsection (1), would have been deductible by the company from the royalties, fees or contributions paid by it to the non-resident person under section 45A of the Income Tax Act [Cap. 134] shall be deemed to have been deducted from the royalties, fees and contributions and shall be a debt due from the company to the Government and shall, with the prior sanction of the Minister, be recoverable in the manner provided by section 90 of the Income Tax Act. [1/95]Note: (from Y/A 1994).[1/95]Note: (from Y/A 1994).Exemption from tax where investment made in approved enterprise65. Where, in accordance with section 64, the tax payable on any approved royalties, fees or contributions is at a reduced rate, and it is proved to the satisfaction of the Comptroller that the royalties, fees or contributions, either wholly or in part, have been expended in the acquisition of ordinary share capital in the company from which those payments were received, the amount of income equal to that expenditure shall be exempt from tax.[22/87]