Income Tax Act 1947 - Singapore Statutes Online

(1A) Any annual allowance under this section in respect of any asset for any year of assessment must not exceed the amount of the capital expenditure of the ... ASingaporeGovernmentAgencyWebsite IncomeTaxAct1947 Status:  Currentversionasat06Jul2022 Print Selecttheprovisionsyouwishtoprintusingthecheckboxesandthenclicktherelevant"Print" SelectAll ClearAll Print-HTML Print-PDF Print-Word  IncomeTaxAct1947 TableofContents LongTitlePart1PRELIMINARY1Shorttitle2InterpretationPart2ADMINISTRATION3AppointmentofComptrollerandotherofficers3AAssignmentoffunctionorpowertopublicbody4PowersofComptroller5Approvedpensionorprovidentfundorsociety6Officialsecrecy7Rules8Serviceandsignatureofnotices,etc.8AElectronicservice9FreepostagePart3IMPOSITIONOFINCOMETAX10Chargeofincometax10AProfitsofunittrusts10BExcessprovidentfundcontributions,etc.,deemedtobeincome10CIncomefromfinanceoroperatinglease10DAscertainmentofincomefrombusinessofmakinginvestments10EAscertainmentofincomefromcertainpublic‑privatepartnershiparrangements10FAscertainmentofincomefrombusinessofhiringoutmotorcarsorprovidingdrivinginstructionorchauffeurservices10GWithdrawalsfromSupplementaryRetirementScheme10HSecuritieslendingorrepurchasearrangement10IAdditionalTier1capitalinstruments10JTaxtreatmentfortradingstockappropriatedfornon‑tradeorcapitalpurpose11Ascertainmentofincomeofclubs,tradeassociations,etc.12SourcesofincomePart4EXEMPTIONFROMINCOMETAX13Exemptincome13AExemptionofshippingprofits13BAssessmentofincomenotentitledtoexemptionundersection 43A,43C,43Dor43H13CExemptionofincomeoftrusteeoftrustfundarisingfromfundsmanagedbyfundmanagerinSingapore13DExemptionofincomeofprescribedpersonsarisingfromfundsmanagedbyfundmanagerinSingapore13EExemptionofinternationalshippingprofits13FExemptionofincomeofforeigntrust13GExemptionofincomeofventurecompany13HExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme(SMEs)13IExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme13JExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme(start‑ups)13KExemptionoftaxonincomederivedbynon‑ordinarilyresidentindividual13LExemptionofincomeofforeignaccountofphilanthropicpurposetrust13MExemptionofincomederivedfromassetsecuritisationtransaction13NExemptionofrelevantincomeofprescribedlocally‑administeredtrust13OExemptionofincomeofcompanyincorporatedandresidentinSingaporearisingfromfundsmanagedbyfundmanagerinSingapore13PExemptionofincomeofshippinginvestmententerprise13QExemptionoftrustincometowhichbeneficiaryisentitled13RExemptionofincomeofnot‑for‑profitorganisation13SExemptionofincomederivedbylawpracticefrominternationalarbitrationheldinSingapore13TExemptionofrelevantincomeofeligiblefamily‑ownedinvestmentholdingcompany13UExemptionofincomearisingfromfundsmanagedbyfundmanagerinSingapore13VExemptionofcertainincomeofprescribedsovereignfundentityandapprovedforeigngovernment‑ownedentity13WExemptionofgainsorprofitsfromdisposalofordinaryshares13XExemptionofcertainpaymentsreceivedinconnectionwithCOVID‑19eventsPart5DEDUCTIONSAGAINSTINCOME14Deductionsallowed14ADeductionforcostsforprotectingintellectualproperty14BFurtherdeductionforexpensesrelatingtoapprovedtradefairs,exhibitionsortrademissionsortomaintenanceofoverseastradeoffice14CExpenditureonresearchanddevelopment14DEnhanceddeductionforqualifyingexpenditureonresearchanddevelopment14EFurtherdeductionforexpenditureonresearchanddevelopmentproject14FExpenditureonbuildingmodificationsforbenefitofdisabledemployees14GProvisionsbybanksandqualifyingfinancecompaniesfordoubtfuldebtsanddiminutioninvalueofinvestments14HFurtherordoubledeductionforoverseasinvestmentdevelopmentexpenditure14IFurtherordoubledeductionforsalaryexpenditureforemployeespostedoverseas14JDeductionforupfrontlandpremium14KDeductionforspecialreserveofapprovedgeneralinsurer14LDeductionfortreasurysharestransferredunderemployeeequity‑basedremunerationscheme14MDeductionforsharestransferredbyspecialpurposevehicleunderemployeeequity‑basedremunerationscheme14NDeductionforrenovationorrefurbishmentexpenditure14ODeductionforqualifyingtrainingexpenditure14PDeductionforqualifyingdesignexpenditure14QDeductionforexpenditureonleasingofPICautomationequipmentunderqualifyinglease14RDeductionforexpensesincurredbeforefirstdollarofincomefromtrade,business,professionorvocation14SDeductionforamortisationofintangibleassetcreatedunderpublic‑privatepartnershiparrangement14TDeductionforexpenditureonlicensingintellectualpropertyrights14UEnhanceddeductionforexpenditureonlicensingintellectualpropertyrights14VDeductionforexpenditureincurredtocomplywithstatutoryandregulatoryrequirements14WDeductionforexpenditureincurredbyindividualinderivingpassiverentalincomeinSingapore14XAttributionofdeductibleexpensesincurredbeforecommencementoftrade,etc.14YFurtherordoubledeductionforqualifyingexpenditureonissueofdebenturesandmakingavailabledebenturesforsecondarytrading14ZDeductionforexpenditureforservicesorsecondmenttoinstitutionsofapubliccharacter14ZADeductionforexpenditureincurredinderivingincomefromdrivingchauffeuredprivatehirecarortaxi14ZBDeductionforexpenditureincurredbyindividualinderivingcommission14ZCDeductionforpaymentsmadetodriversofchauffeuredprivatehirecarsandtaxis14ZDDeductionforpaymentsmadetolesseesorlicenseestomitigateimpactofCOVID‑19event14ZEDeductionforexpenditureincurredinobtainingorgranting,etc.,leasesofimmovableproperties14ZFDeductionforexpenditureincurredonimmovablepropertywhilevacant15Deductionsnotallowed15ALimitondeductionallowedforleasingorlicensingexpenditurein 202015BLimitondeductionallowedforleasingorlicensingexpenditurein 2021Part6CAPITALALLOWANCES16Initialandannualallowancesforindustrialbuildingsandstructures17Balancingallowancesandchargesforindustrialbuildingsandstructures18Definitionsforsections 16,17and18B18A(Repealed)18BTransitionalprovisionsforcapitalexpenditureincurredonindustrialbuildingsorstructuresonorafter23Febuary201018CInitialandannualallowancesforcertainbuildingsandstructures19Initialandannualallowancesformachineryorplant19AAllowancesof3 yearsor2 yearswrite‑offformachineryandplant,and100% write‑offforcomputer,prescribedautomationequipmentandrobot,etc.19BWriting‑downallowancesforintellectualpropertyrights19CWriting‑downallowancesforapprovedcost‑sharingagreementforresearchanddevelopmentactivities19DWriting‑downallowanceforIRU19EUseofopen‑marketpriceformakingallowancesundersections 19,19Aand19D20Balancingallowancesandchargesformachineryorplant21Replacementofmachineryorplant22Expenditureonmachineryorplant22AOrderofset‑offofallowances23Carryforwardofallowances24Specialprovisionsastocertainsales25SpecialprovisionsastocertaintransfersPart7ASCERTAINMENTOFCERTAININCOME26Profitsofinsurers26AAscertainmentofincomeofmemberofLloyd’ssyndicate27Profitsofnon‑residentshipownerorcharterer28Profitsofnon‑residentairtransportandcableundertakings29(Repealed)30(Repealed)31Incomearisingfromsettlements32Valuationoftradingstockondiscontinuanceortransferoftradeorbusiness32AValuationofcostoftradingstockconvertedfromnon‑tradeorcapitalasset33Comptrollertodisregardcertaintransactionsanddispositions33ASurchargeonadjustmentsundersection 3334DecisionofComptrollernobartoappeal34AAdjustmentonchangeofbasisofcomputingprofitsoffinancialinstrumentsresultingfromFRS 39orSFRSforSmallEntities34AAAdjustmentonchangeofbasisofcomputingprofitsoffinancialinstrumentsresultingfromFRS 109orSFRS(I) 934ABChargeabilityofprofitorlossfromforeignexchangedifferences34BIslamicfinancingarrangements34CAmalgamationofcompanies34DTransactionsnotatarm’slength34ESurchargeontransferpricingadjustments34FTransferpricingdocumentation34GModificationofprovisionsforcompaniesredomiciledinSingapore34HTaxcreditsforapprovedredomiciledcompanies34IAdjustmentsarisingfromadoptionofFRS115orSFRS(I)1534JTaxtreatmentarisingfromadoptionofFRS 116orSFRS(I) 16Part8ASCERTAINMENTOFSTATUTORYINCOME35Basisforcomputingstatutoryincome35ACessationofsourceofincomecommencedbefore1January196936Partnership36ALimitedliabilitypartnership36BRegisteredbusinesstrusts36CLimitedpartnershipPart9ASCERTAINMENTOFASSESSABLEINCOME37Assessableincome37AAdjustmentofcapitalallowances,lossesordonationsbetweenincomesubjecttotaxatdifferentrates37BGroupreliefforSingaporecompanies37CTransferofqualifyingdeductionbetweenspouses37DCarry‑backofcapitalallowancesandlosses37ECarry‑backofcapitalallowancesandlossesbetweenspouses37FDeductionforincrementalexpenditureonresearchanddevelopment37GCashpayoutunderProductivityandInnovationCreditScheme37HProductivityandInnovationCreditbonus37IModificationofsections 37Gand37Hintheirapplicationtopartnership37JEnhanceddeductionorallowanceunderProductivityandInnovationCreditPlusScheme37KAbusivePICarrangements37LPromotersofabusivePICarrangements37MPenaltiesforfalseinformation,etc.,resultinginpaymentundersection 37Gor37H37NDeductionforqualifyinginvestmentsinqualifyingstart‑upcompanies37ODeductionforacquisitionofsharesofcompanies37PTreatmentofunabsorbeddonationsattributabletoexemptincome37QExclusionofexpenditureorpaymentsubsidisedbycapitalgrantPart10ASCERTAINMENTOFCHARGEABLEINCOMEANDPERSONALRELIEFS38Chargeableincome39Reliefanddeductionforresidentindividual39ALimitontotaldeductionundersection 3940(Repealed)40ARelieffornon‑residentpublicentertainers40BRelieffornon‑residentemployees40CRelieffornon‑residentSRSmembers40DRelieffornon‑residentderivingincomefromactivityaspublicentertainerandemployee,etc.41ProofofclaimsfordeductionorreliefPart11RATESOFTAX42Ratesoftaxuponindividuals42ARebateforchildrenoffamily43Rateoftaxuponcompaniesandothers43AConcessionaryrateoftaxforAsianCurrencyUnit,FundManagerandsecuritiescompany43BSpecialrateoftaxfornon‑residentshipownerorchartererorairtransportundertaking43CExemptionandconcessionaryrateoftaxforinsuranceandreinsurancebusiness43DConcessionaryrateoftaxforheadquarterscompany43EConcessionaryrateoftaxforFinanceandTreasuryCentre43FConcessionaryrateoftaxforoffshoreleasingofmachineryandplant43GConcessionaryrateoftaxfortrusteecompany43HConcessionaryrateoftaxforincomederivedfromdebtsecurities43IConcessionaryrateoftaxforglobaltradingcompanyandqualifyingcompany43JConcessionaryrateoftaxforfinancialsectorincentivecompany43KConcessionaryrateoftaxforprovisionofprocessingservicestofinancialinstitutions43LConcessionaryrateoftaxforshippinginvestmentmanager43MConcessionaryrateoftaxfortrustincometowhichbeneficiaryisentitled43NConcessionaryrateoftaxforleasingofaircraftandaircraftengines43OConcessionaryrateoftaxforaircraftinvestmentmanager43PConcessionaryrateoftaxforcontainerinvestmententerprise43QConcessionaryrateoftaxforcontainerinvestmentmanager43RConcessionaryrateoftaxforapprovedinsurancebrokers43SConcessionaryrateoftaxforincomederivedfrommanagingqualifyingregisteredbusinesstrustorcompany43TConcessionaryrateoftaxforshipbrokingandforwardfreightagreementtrading43UConcessionaryrateoftaxforshipping‑relatedsupportservices43VConcessionaryrateoftaxforincomederivedfrommanagingapprovedventurecompany43WConcessionaryrateoftaxforinternationalgrowthcompany43XConcessionaryrateoftaxforintellectualpropertyincomePart12DEDUCTIONOFTAXATSOURCE44(Repealed)44A(Repealed)45Withholdingoftaxinrespectofinterestpaidtonon‑residentpersons45AApplicationofsection 45toroyalties,managementfees,etc.45AATaxdeemedwithheldandrecoverablefrompersoninbreachofconditionimposedundersection 13(4)45BApplicationofsection 45tonon‑residentdirector’sremuneration45CApplicationofsection 45todistributionbyunittrust45DApplicationofsection 45togainsfromrealpropertytransaction45EApplicationofsection 45towithdrawalsbynon‑citizenSRSmembers,etc.45EAApprovalofdeductionofinvestmentfromSRSaccountofnon‑citizen45FApplicationofsection 45toincomefromprofessionorvocationcarriedonbynon‑residentindividual,etc.45GApplicationofsection 45todistributionfromanyrealestateinvestmenttrust45GAApplicationofsection 45toincomederivedaspublicentertainer45HApplicationofsection 45tocommissionorotherpaymentoflicensedinternationalmarketagent45ISections 45and45Anotapplicabletocertainpayments45JApplicationofsection 45,etc.,toGovernmentPart13ALLOWANCESFORTAXCHARGED46Taxdeductedfrominterests,etc.47(Repealed)Part14RELIEFAGAINSTDOUBLETAXATION48(Repealed)49Avoidanceofdoubletaxationarrangements50Taxcredits50AUnilateraltaxcredits50BTaxcreditsfortrustincometowhichbeneficiaryisentitled50CPoolingofcreditsPart15PERSONSCHARGEABLEHusbandandwife51IncomeofwifeTrustees,agentsandcurators52Chargeabilityoftrustees,etc.53ChargeabilityofagentofpersonresidingoutofSingapore54Liabilityofpersonchargeableinrespectofincapacitatedperson55Liabilityofmanagersofcompaniesorbodiesofpersons56Indemnificationofrepresentative57Powertoappointagent,etc.,forrecoveryoftax58Deceasedpersons59Dutyofliquidatoronwindingupofcompanyorlimitedliabilitypartnership60Chargeabilityofjointtrustees61(Repealed)Part16RETURNS62Noticeofchargeabilityandreturns62AThebasicrule:Singaporedollartobeused62BCurrencyotherthanSingaporedollartobeusedincertaincircumstances63Furnishingofestimateofchargeableincomeifnoreturnismadeundersection 6264Comptrollermaycallforfurtherreturns65Powertocallforreturns65AStatementofbankaccounts,assets,etc.65BPowerofComptrollertoobtaininformation65CFailuretocomplywithsection 64,65,65Aor65B65DSection 65BnoticeappliesdespitedutyofsecrecyunderBankingAct 1970orTrustCompaniesAct 200565ESection 65Bnoticemaybesubjecttoconfidentialityduty65FArrestofperson65GNounnecessaryrestraint65HArrestingofficertobearmed65ISearchofplaceenteredbypersonsoughttobearrested65JArrestedpersonmaybeorallyexamined65KDisposalofitemfurnishedorseized66Returnstobedeemedtobefurnishedbydueauthority67Keepingofbooksofaccountandgivingofreceipts68Officialinformationandsecrecy,andreturnsbyemployer69Liststobepreparedbyrepresentativeoragent70Occupierstofurnishreturnofrentpayable71Returntobemadebypartnership71A(Repealed)Part17ASSESSMENTSANDOBJECTIONS72Comptrollertomakeassessments73Advanceassessments74Additionalassessments74ARevisedassessmentsasreliefforlateGSTregistration75Waiverofsmallassessments76Serviceofnoticesofassessmentandrevisionofassessment77ErrorsanddefectsinassessmentandnoticePart18APPEALS78BoardofReview79Rightofappeal80Hearinganddisposalofappeals80AHearingofappealinabsenceofmemberofBoard81AppealstoGeneralDivisionofHighCourt82CasesstatedforGeneralDivisionofHighCourt83ProceedingsbeforeBoard84AssessmentstobefinalandconclusivePart19COLLECTION,RECOVERYANDREPAYMENTOFTAX85Timewithinwhichpaymentistobemade86RecoveryoftaxfrompersonsleavingSingapore87Penaltyfornon‑paymentoftaxandenforcementofpayment88Changeofaddress89SuitfortaxbyComptroller90StatementofComptrollersufficient91Deductionoftaxfromemolumentsandpensions92Remission,reductionorrefundoftax92ARemissionoftaxofcompaniesforyearofassessment201192BCashgrantforcompaniesforyearofassessment201192CCashgrantforcompaniesforyearofassessment201292DRemissionoftaxofcompaniesforyearsofassessment2013,2014and201592ERemissionoftaxofcompaniesforyearofassessment201692FRemissionoftaxofcompaniesforyearofassessment201792GRemissionoftaxofcompaniesforyearofassessment201892HRemissionoftaxofcompaniesforyearofassessment201992IRemissionoftaxofcompaniesforyearofassessment202093Repaymentoftax93AReliefinrespectoferrorormistakePart20OFFENCESANDPENALTIES94Generalpenalties94APenaltyforfailuretomakereturn95Penaltyforincorrectreturn,etc.96TaxevasionandwilfulactiontoobtainPICbonus96ASeriousfraudulenttaxevasionandactiontoobtainPICbonus97Penaltiesforoffencesbyauthorisedandunauthorisedpersons98PenaltyforobstructingComptrollerorofficers99Taxtobepayabledespiteanyproceedingsforpenalties100Provisionsrelatingtopenalty101Consentforprosecution102Serviceofsummons103Savingforcriminalproceedings104Admissibilityofcertainstatementsanddocumentsasevidence104AProtectionofinformers105JurisdictionofcourtPart20AEXCHANGEOFINFORMATIONUNDERAVOIDANCEOFDOUBLETAXATIONARRANGEMENTSANDEXCHANGEOFINFORMATIONARRANGEMENTS105AInterpretationofthisPart105BPurposeofthisPart105BAExchangeofinformationarrangement105C(Repealed)105DRequestforinformation105EComptrollertoservenoticeofrequestoncertainpersons105FPowerofComptrollertoobtaininformation105GPowerofComptrollertoobtaininformationfromotherauthorities105GAInformationmaybeusedforadministrationofAct105HRulesforpurposesofthisPart105HAConfidentialityrequirementsforjudicialreviewproceedingsPart20BINTERNATIONALAGREEMENTSTOIMPROVETAXCOMPLIANCE105IInterpretationofthisPart105JPurposeofthisPart105KInternationaltaxcomplianceagreements105LProvisionofinformationtoComptroller105MOffences105MAAnti‑avoidance105NPowerofComptrollertoobtaininformation105OInformationmaybeusedforadministrationofAct105PRegulationstoimplementinternationaltaxcomplianceagreements,etc.105PADutytoprovideinformationunderregulationsprevailsoverdutyofsecrecy,etc.105QConfidentialityrequirementsforjudicialreviewproceedingsPart21MISCELLANEOUS105RRevocationofapproval105SConditionsforapplicationoftaxincentivetreatedasconditionsofapproval106PowerstoamendSchedules107VariablecapitalcompaniesorVCCs108Advancerulings FIRSTSCHEDULE Institution,authority,personorfundexempted SECONDSCHEDULE Ratesoftax THIRDSCHEDULE  FOURTHSCHEDULE Prescribedsections FIFTHSCHEDULE Childrelief SIXTHSCHEDULE Numberofyearsofworkinglifeofasset SEVENTHSCHEDULE Advancerulings EIGHTHSCHEDULE InformationtobeincludedinarequestforinformationunderPart 20A NINTHSCHEDULE Specifiedpublicschemes TENTHSCHEDULE TenthScheduleentities LegislativeHistory Abbreviations ComparativeTable SelectAll ClearAll Print HTML PDF Word IncomeTaxAct1947 Status:  Currentversionasat06Jul2022 Pleasecheckthelegislationtimelinetoensurethatyouareviewingthecorrectlegislationversion.SeealsoFAQB3. SubsidiaryLegislation HideAmendmentAnnotation AddtoMyCollections AmendmentsRSSFeed Print Help Timeline Document Provision Versions 30Jun2022 or findcurrentversionasat 30Jun2022        30Jun2022 Amendedby Act18of2022 11Apr2022 Amendedby S310/2022 01Apr2022 Amendedby Act25of2021 31Jan2022 Amendedby Act35of2021 01Jan2022 Amendedby Act39of2021 31Dec2021 2020RevEd 16Nov2021 Amendedby Act27of2021 01Sep2021 Amendedby Act27of2021 03Aug2021 Amendedby Act15of2021 01Jul2021 Amendedby Act1of2020 19May2021 Amendedby Act27of2021 01Apr2021 Amendedby Act27of2021 17Feb2021 Amendedby Act27of2021 02Jan2021 Amendedby Act40of2019 07Dec2020 Amendedby Act41of2020 30Oct2020 Amendedby Act20of2019 01Jul2020 Amendedby Act41of2020 01Apr2020 Amendedby Act41of2020 19Feb2020 Amendedby Act41of2020 15Jan2020 Amendedby Act28of2019 01Jan2020 Amendedby Act32of2019 02Dec2019 Amendedby Act32of2019 01Jul2019 Amendedby Act32of2019 01May2019 Amendedby S290/2019 01Apr2019 Amendedby Act32of2019 19Feb2019 Amendedby Act32of2019 02Jan2019 Amendedby Act19of2017 01Jan2019 Amendedby Act32of2019 01Jan2019 Amendedby Act52of2018 31Dec2018 Amendedby Act32of2019 20Dec2018 Amendedby Act32of2019 12Dec2018 Amendedby Act41of2020 30Nov2018 Amendedby Act5of2016 12Nov2018 Amendedby Act32of2019 08Oct2018 Amendedby Act4of2017 31Aug2018 Amendedby Act9of2018 01Jul2018 Amendedby Act45of2018 04May2018 Amendedby Act45of2018 01Apr2018 Amendedby Act45of2018 20Feb2018 Amendedby Act45of2018 01Jan2018 Amendedby Act32of2019 26Oct2017 Amendedby Act45of2018 02Jul2017 Amendedby Act21of2017 01Jun2017 Amendedby Act39of2017 01Apr2017 Amendedby Act45of2018 21Feb2017 Amendedby Act39of2017 01Jan2017 Amendedby Act39of2017 29Dec2016 Amendedby Act34of2016 03Oct2016 Amendedby Act24of2016 01Aug2016 Amendedby Act15of2016 20Jul2016 Amendedby Act15of2016 01Jul2016 Amendedby S303/2016 01Jul2016 Amendedby Act2of2016 19May2016 Amendedby Act34of2016 19Apr2016 Amendedby Act34of2016 11Apr2016 Amendedby Act2of2016 01Apr2016 Amendedby Act39of2017 25Mar2016 Amendedby Act34of2016 03Jan2016 Amendedby Act29of2014 01Jan2016 Amendedby Act2of2016 01Nov2015 Amendedby S712/2015 01Nov2015 Amendedby Act4of2015 01Jul2015 Amendedby Act2of2016 01Jul2015 Amendedby Act37of2014 01Jun2015 Amendedby Act2of2016 01Jun2015 Amendedby Act37of2014 29May2015 Amendedby Act2of2016 01Apr2015 Amendedby Act39of2017 18Mar2015 Amendedby Act2of2016 24Feb2015 Amendedby Act2of2016 01Jan2015 Amendedby Act37of2014 27Nov2014 Amendedby Act34of2016 01Sep2014 Amendedby Act2of2016 01Sep2014 Amendedby Act37of2014 30May2014 Amendedby Act37of2014 01Apr2014 Amendedby Act2of2016 01Apr2014 Amendedby Act37of2014 31Mar2014 2014RevEd 01Jan2014 Amendedby Act21of2013 23Dec2013 Amendedby S775/2013 28Nov2013 Amendedby Act19of2013 28Jun2013 Amendedby Act19of2013 18Apr2013 Amendedby Act11of2013 01Apr2013 Amendedby Act19of2013 13Mar2013 Amendedby Act3of2013 26Feb2013 Amendedby Act19of2013 25Feb2013 Amendedby Act19of2013 17Feb2013 Amendedby Act2of2013 31Jan2013 Amendedby Act36of2012 18Dec2012 Amendedby Act19of2013 03Dec2012 Amendedby S595/2012 01Jun2012 Amendedby Act29of2012 01Apr2012 Amendedby Act29of2012 01Mar2012 Amendedby Act29of2012 28Feb2012 Amendedby Act29of2012 17Feb2012 Amendedby Act29of2012 01Jan2012 Amendedby Act22of2011 20Dec2011 Amendedby Act22of2011 01Sep2011 Amendedby Act22of2011 01Jun2011 Amendedby Act29of2012 01May2011 Amendedby Act13of2011 25Apr2011 Amendedby Act22of2011 01Apr2011 Amendedby Act22of2011 01Mar2011 Amendedby Act29of2010 19Feb2011 Amendedby Act22of2011 01Jan2011 Amendedby Act29of2012 22Nov2010 Amendedby Act29of2010 22Oct2010 Amendedby Act25of2010 07Jul2010 Amendedby Act22of2011 21May2010 Amendedby Act29of2010 01Apr2010 Amendedby Act29of2012 01Mar2010 Amendedby Act29of2010 23Feb2010 Amendedby Act22of2011 22Feb2010 Amendedby Act29of2012 09Feb2010 Amendedby Act24of2009 01Jan2010 Amendedby Act29of2010 01Jan2010 Amendedby Act27of2009 29Dec2009 Amendedby Act27of2009 01Oct2009 Amendedby Act19of2013 01Jul2009 Amendedby Act27of2009 04May2009 Amendedby Act27of2009 01Apr2009 Amendedby Act22of2011 22Jan2009 Amendedby Act19of2013 09Jan2009 Amendedby Act22of2011 01Jan2009 Amendedby Act34of2008 16Dec2008 Amendedby Act34of2008 31Oct2008 Amendedby Act22of2011 01Oct2008 Amendedby Act27of2009 02Apr2008 Amendedby Act10of2006 01Apr2008 Amendedby Act29of2012 27Feb2008 Amendedby Act35of2007 16Feb2008 Amendedby Act34of2008 17Jan2008 Amendedby Act34of2008 01Jan2008 2008RevEd 06Dec2007 Amendedby Act34of2008 01Sep2007 Amendedby Act22of2011 01Jul2007 Amendedby Act53of2007 01Mar2007 Amendedby Act10of2007 01Mar2007 Amendedby Act2of2007 15Feb2007 Amendedby Act34of2008 13Feb2007 Amendedby Act22of2011 01Jan2007 Amendedby Act53of2007 01Nov2006 Amendedby Act53of2007 01Apr2006 Amendedby Act7of2007 31Mar2006 Amendedby S194/2006 01Mar2006 Amendedby Act7of2006 17Feb2006 Amendedby Act7of2007 01Feb2006 Amendedby Act11of2005 30Jan2006 Amendedby Act34of2005 01Jan2006 Amendedby Act22of2011 01Dec2005 Amendedby Act34of2005 09Nov2005 Amendedby S715/2005 07Nov2005 Amendedby Act34of2005 01May2005 Amendedby Act8of2005 22Apr2005 Amendedby S194/2006 01Apr2005 Amendedby Act34of2005 18Feb2005 Amendedby Act7of2007 01Jan2005 Amendedby Act7of2007 30Nov2004 Amendedby Act49of2004 25Nov2004 Amendedby Act48of2004 21Sep2004 Amendedby Act34of2005 01Jul2004 Amendedby Act16of2004 28Apr2004 Amendedby Act11of2004 01Apr2004 Amendedby Act4of2004 27Feb2004 Amendedby Act34of2005 01Jan2004 Amendedby Act29of2010 01Jan2004 Amendedby Act21of2003 03Dec2003 Amendedby Act21of2003 01Nov2003 Amendedby Act49of2004 01Oct2003 Amendedby Act49of2004 01Jul2003 Amendedby Act21of2003 01Jun2003 Amendedby Act21of2003 07May2003 Amendedby S220/2003 01Apr2003 Amendedby Act21of2003 01Apr2003 Amendedby Act4of2003 28Feb2003 Amendedby Act21of2003 01Jan2003 Amendedby Act37of2002 12Dec2002 Amendedby Act24of2000 10Dec2002 Amendedby Act7of2007 10Dec2002 Amendedby Act21of2003 01Oct2002 Amendedby Act25of2002 02Jul2002 Amendedby Act37of2002 03May2002 Amendedby Act37of2002 01Jan2002 Amendedby Act37of2002 31Dec2001 2001RevEd 23Nov2001 Amendedby Act37of2002 13Oct2001 Amendedby Act37of2002 10Aug2001 Amendedby Act24of2001 01Jun2001 Amendedby Act37of2002 01Apr2001 Amendedby Act3of2001 31Jan2001 Amendedby Act24of2001 01Oct2000 Amendedby Act24of2001 07Sep2000 Amendedby Act24of2000 15Mar2000 Amendedby Act9of2000 18Jan2000 Amendedby Act24of2000 30Dec1999 1999RevEd 01Dec1999 Amendedby Act24of2000 03Sep1999 Amendedby Act32of1999 31Aug1999 Amendedby Act34of2005 21May1999 Amendedby S267/1999 28Feb1999 Amendedby Act24of2000 18Nov1998 Amendedby Act32of1999 16Nov1998 Amendedby Act37of1998 14Aug1998 Amendedby Act31of1998 28Feb1998 Amendedby Act32of1999 27Feb1998 Amendedby Act31of1998 23Jan1998 Amendedby Act1of1998 30Sep1997 Amendedby S485/1999 01Jan1997 Amendedby Act31of1998 06Sep1996 Amendedby Act28of1996 02Aug1996 Amendedby Act23of1996 01Jul1996 Amendedby S302/1996 30Apr1996 1996RevEd 01Apr1996 Amendedby Act1of1996 02Feb1996 Amendedby Act7of1996 01Feb1996 Amendedby S67/1996 13Oct1995 Amendedby Act32of1995 01Sep1995 Amendedby S33/1996 01Mar1995 Amendedby Act32of1995 01Jan1995 Amendedby Act11of1994 01Dec1994 Amendedby Act19of1994 01Oct1994 Amendedby S259/1995 16Sep1994 Amendedby Act11of1994 15Mar1994 1994RevEd 26Nov1993 Amendedby Act31of1993 01Jan1993 Amendedby Act28of1992 02Oct1992 Amendedby Act28of1992 01Sep1992 Amendedby S412/1992 13Mar1992 Amendedby Act26of1993 09Mar1992 1992RevEd 17Aug1991 Amendedby S210/1992 19Jul1991 Amendedby Act20of1991 17Jan1991 Amendedby S317/1991 30Nov1990 Amendedby Act23of1990 01Jul1990 Amendedby S383/1990 01Jan1990 Amendedby Act20of1991 14May1989 Amendedby S382/1990 17Feb1989 Amendedby Act3of1989 11Feb1989 Amendedby S562/1991 01Jan1989 Amendedby Act1of1990 29Jan1988 Amendedby Act1of1988 09Nov1987 Amendedby S79/1988 14Aug1987 Amendedby S380/1989 30Mar1987 1985RevEd     TableofContents IncomeTaxAct1947 LongTitle Part1PRELIMINARY   1Shorttitle   2Interpretation Part2ADMINISTRATION   3AppointmentofComptrollerandotherofficers   3AAssignmentoffunctionorpowertopublicbody   4PowersofComptroller   5Approvedpensionorprovidentfundorsociety   6Officialsecrecy   7Rules   8Serviceandsignatureofnotices,etc.   8AElectronicservice   9Freepostage Part3IMPOSITIONOFINCOMETAX   10Chargeofincometax   10AProfitsofunittrusts   10BExcessprovidentfundcontributions,etc.,deemedtobeincome   10CIncomefromfinanceoroperatinglease   10DAscertainmentofincomefrombusinessofmakinginvestments   10EAscertainmentofincomefromcertainpublic‑privatepartnershiparrangements   10FAscertainmentofincomefrombusinessofhiringoutmotorcarsorprovidingdrivinginstructionorchauffeurservices   10GWithdrawalsfromSupplementaryRetirementScheme   10HSecuritieslendingorrepurchasearrangement   10IAdditionalTier1capitalinstruments   10JTaxtreatmentfortradingstockappropriatedfornon‑tradeorcapitalpurpose   11Ascertainmentofincomeofclubs,tradeassociations,etc.   12Sourcesofincome Part4EXEMPTIONFROMINCOMETAX   13Exemptincome   13AExemptionofshippingprofits   13BAssessmentofincomenotentitledtoexemptionundersection 43A,43C,43Dor43H   13CExemptionofincomeoftrusteeoftrustfundarisingfromfundsmanagedbyfundmanagerinSingapore   13DExemptionofincomeofprescribedpersonsarisingfromfundsmanagedbyfundmanagerinSingapore   13EExemptionofinternationalshippingprofits   13FExemptionofincomeofforeigntrust   13GExemptionofincomeofventurecompany   13HExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme(SMEs)   13IExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme   13JExemptionoftaxongainsorprofitsfromequityremunerationincentivescheme(start‑ups)   13KExemptionoftaxonincomederivedbynon‑ordinarilyresidentindividual   13LExemptionofincomeofforeignaccountofphilanthropicpurposetrust   13MExemptionofincomederivedfromassetsecuritisationtransaction   13NExemptionofrelevantincomeofprescribedlocally‑administeredtrust   13OExemptionofincomeofcompanyincorporatedandresidentinSingaporearisingfromfundsmanagedbyfundmanagerinSingapore   13PExemptionofincomeofshippinginvestmententerprise   13QExemptionoftrustincometowhichbeneficiaryisentitled   13RExemptionofincomeofnot‑for‑profitorganisation   13SExemptionofincomederivedbylawpracticefrominternationalarbitrationheldinSingapore   13TExemptionofrelevantincomeofeligiblefamily‑ownedinvestmentholdingcompany   13UExemptionofincomearisingfromfundsmanagedbyfundmanagerinSingapore   13VExemptionofcertainincomeofprescribedsovereignfundentityandapprovedforeigngovernment‑ownedentity   13WExemptionofgainsorprofitsfromdisposalofordinaryshares   13XExemptionofcertainpaymentsreceivedinconnectionwithCOVID‑19events Part5DEDUCTIONSAGAINSTINCOME   14Deductionsallowed   14ADeductionforcostsforprotectingintellectualproperty   14BFurtherdeductionforexpensesrelatingtoapprovedtradefairs,exhibitionsortrademissionsortomaintenanceofoverseastradeoffice   14CExpenditureonresearchanddevelopment   14DEnhanceddeductionforqualifyingexpenditureonresearchanddevelopment   14EFurtherdeductionforexpenditureonresearchanddevelopmentproject   14FExpenditureonbuildingmodificationsforbenefitofdisabledemployees   14GProvisionsbybanksandqualifyingfinancecompaniesfordoubtfuldebtsanddiminutioninvalueofinvestments   14HFurtherordoubledeductionforoverseasinvestmentdevelopmentexpenditure   14IFurtherordoubledeductionforsalaryexpenditureforemployeespostedoverseas   14JDeductionforupfrontlandpremium   14KDeductionforspecialreserveofapprovedgeneralinsurer   14LDeductionfortreasurysharestransferredunderemployeeequity‑basedremunerationscheme   14MDeductionforsharestransferredbyspecialpurposevehicleunderemployeeequity‑basedremunerationscheme   14NDeductionforrenovationorrefurbishmentexpenditure   14ODeductionforqualifyingtrainingexpenditure   14PDeductionforqualifyingdesignexpenditure   14QDeductionforexpenditureonleasingofPICautomationequipmentunderqualifyinglease   14RDeductionforexpensesincurredbeforefirstdollarofincomefromtrade,business,professionorvocation   14SDeductionforamortisationofintangibleassetcreatedunderpublic‑privatepartnershiparrangement   14TDeductionforexpenditureonlicensingintellectualpropertyrights   14UEnhanceddeductionforexpenditureonlicensingintellectualpropertyrights   14VDeductionforexpenditureincurredtocomplywithstatutoryandregulatoryrequirements   14WDeductionforexpenditureincurredbyindividualinderivingpassiverentalincomeinSingapore   14XAttributionofdeductibleexpensesincurredbeforecommencementoftrade,etc.   14YFurtherordoubledeductionforqualifyingexpenditureonissueofdebenturesandmakingavailabledebenturesforsecondarytrading   14ZDeductionforexpenditureforservicesorsecondmenttoinstitutionsofapubliccharacter   14ZADeductionforexpenditureincurredinderivingincomefromdrivingchauffeuredprivatehirecarortaxi   14ZBDeductionforexpenditureincurredbyindividualinderivingcommission   14ZCDeductionforpaymentsmadetodriversofchauffeuredprivatehirecarsandtaxis   14ZDDeductionforpaymentsmadetolesseesorlicenseestomitigateimpactofCOVID‑19event   14ZEDeductionforexpenditureincurredinobtainingorgranting,etc.,leasesofimmovableproperties   14ZFDeductionforexpenditureincurredonimmovablepropertywhilevacant   15Deductionsnotallowed   15ALimitondeductionallowedforleasingorlicensingexpenditurein 2020   15BLimitondeductionallowedforleasingorlicensingexpenditurein 2021 Part6CAPITALALLOWANCES   16Initialandannualallowancesforindustrialbuildingsandstructures   17Balancingallowancesandchargesforindustrialbuildingsandstructures   18Definitionsforsections 16,17and18B   18A(Repealed)   18BTransitionalprovisionsforcapitalexpenditureincurredonindustrialbuildingsorstructuresonorafter23Febuary2010   18CInitialandannualallowancesforcertainbuildingsandstructures   19Initialandannualallowancesformachineryorplant   19AAllowancesof3 yearsor2 yearswrite‑offformachineryandplant,and100% write‑offforcomputer,prescribedautomationequipmentandrobot,etc.   19BWriting‑downallowancesforintellectualpropertyrights   19CWriting‑downallowancesforapprovedcost‑sharingagreementforresearchanddevelopmentactivities   19DWriting‑downallowanceforIRU   19EUseofopen‑marketpriceformakingallowancesundersections 19,19Aand19D   20Balancingallowancesandchargesformachineryorplant   21Replacementofmachineryorplant   22Expenditureonmachineryorplant   22AOrderofset‑offofallowances   23Carryforwardofallowances   24Specialprovisionsastocertainsales   25Specialprovisionsastocertaintransfers Part7ASCERTAINMENTOFCERTAININCOME   26Profitsofinsurers   26AAscertainmentofincomeofmemberofLloyd’ssyndicate   27Profitsofnon‑residentshipownerorcharterer   28Profitsofnon‑residentairtransportandcableundertakings   29(Repealed)   30(Repealed)   31Incomearisingfromsettlements   32Valuationoftradingstockondiscontinuanceortransferoftradeorbusiness   32AValuationofcostoftradingstockconvertedfromnon‑tradeorcapitalasset   33Comptrollertodisregardcertaintransactionsanddispositions   33ASurchargeonadjustmentsundersection 33   34DecisionofComptrollernobartoappeal   34AAdjustmentonchangeofbasisofcomputingprofitsoffinancialinstrumentsresultingfromFRS 39orSFRSforSmallEntities   34AAAdjustmentonchangeofbasisofcomputingprofitsoffinancialinstrumentsresultingfromFRS 109orSFRS(I) 9   34ABChargeabilityofprofitorlossfromforeignexchangedifferences   34BIslamicfinancingarrangements   34CAmalgamationofcompanies   34DTransactionsnotatarm’slength   34ESurchargeontransferpricingadjustments   34FTransferpricingdocumentation   34GModificationofprovisionsforcompaniesredomiciledinSingapore   34HTaxcreditsforapprovedredomiciledcompanies   34IAdjustmentsarisingfromadoptionofFRS115orSFRS(I)15   34JTaxtreatmentarisingfromadoptionofFRS 116orSFRS(I) 16 Part8ASCERTAINMENTOFSTATUTORYINCOME   35Basisforcomputingstatutoryincome   35ACessationofsourceofincomecommencedbefore1January1969   36Partnership   36ALimitedliabilitypartnership   36BRegisteredbusinesstrusts   36CLimitedpartnership Part9ASCERTAINMENTOFASSESSABLEINCOME   37Assessableincome   37AAdjustmentofcapitalallowances,lossesordonationsbetweenincomesubjecttotaxatdifferentrates   37BGroupreliefforSingaporecompanies   37CTransferofqualifyingdeductionbetweenspouses   37DCarry‑backofcapitalallowancesandlosses   37ECarry‑backofcapitalallowancesandlossesbetweenspouses   37FDeductionforincrementalexpenditureonresearchanddevelopment   37GCashpayoutunderProductivityandInnovationCreditScheme   37HProductivityandInnovationCreditbonus   37IModificationofsections 37Gand37Hintheirapplicationtopartnership   37JEnhanceddeductionorallowanceunderProductivityandInnovationCreditPlusScheme   37KAbusivePICarrangements   37LPromotersofabusivePICarrangements   37MPenaltiesforfalseinformation,etc.,resultinginpaymentundersection 37Gor37H   37NDeductionforqualifyinginvestmentsinqualifyingstart‑upcompanies   37ODeductionforacquisitionofsharesofcompanies   37PTreatmentofunabsorbeddonationsattributabletoexemptincome   37QExclusionofexpenditureorpaymentsubsidisedbycapitalgrant Part10ASCERTAINMENTOFCHARGEABLEINCOMEANDPERSONALRELIEFS   38Chargeableincome   39Reliefanddeductionforresidentindividual   39ALimitontotaldeductionundersection 39   40(Repealed)   40ARelieffornon‑residentpublicentertainers   40BRelieffornon‑residentemployees   40CRelieffornon‑residentSRSmembers   40DRelieffornon‑residentderivingincomefromactivityaspublicentertainerandemployee,etc.   41Proofofclaimsfordeductionorrelief Part11RATESOFTAX   42Ratesoftaxuponindividuals   42ARebateforchildrenoffamily   43Rateoftaxuponcompaniesandothers   43AConcessionaryrateoftaxforAsianCurrencyUnit,FundManagerandsecuritiescompany   43BSpecialrateoftaxfornon‑residentshipownerorchartererorairtransportundertaking   43CExemptionandconcessionaryrateoftaxforinsuranceandreinsurancebusiness   43DConcessionaryrateoftaxforheadquarterscompany   43EConcessionaryrateoftaxforFinanceandTreasuryCentre   43FConcessionaryrateoftaxforoffshoreleasingofmachineryandplant   43GConcessionaryrateoftaxfortrusteecompany   43HConcessionaryrateoftaxforincomederivedfromdebtsecurities   43IConcessionaryrateoftaxforglobaltradingcompanyandqualifyingcompany   43JConcessionaryrateoftaxforfinancialsectorincentivecompany   43KConcessionaryrateoftaxforprovisionofprocessingservicestofinancialinstitutions   43LConcessionaryrateoftaxforshippinginvestmentmanager   43MConcessionaryrateoftaxfortrustincometowhichbeneficiaryisentitled   43NConcessionaryrateoftaxforleasingofaircraftandaircraftengines   43OConcessionaryrateoftaxforaircraftinvestmentmanager   43PConcessionaryrateoftaxforcontainerinvestmententerprise   43QConcessionaryrateoftaxforcontainerinvestmentmanager   43RConcessionaryrateoftaxforapprovedinsurancebrokers   43SConcessionaryrateoftaxforincomederivedfrommanagingqualifyingregisteredbusinesstrustorcompany   43TConcessionaryrateoftaxforshipbrokingandforwardfreightagreementtrading   43UConcessionaryrateoftaxforshipping‑relatedsupportservices   43VConcessionaryrateoftaxforincomederivedfrommanagingapprovedventurecompany   43WConcessionaryrateoftaxforinternationalgrowthcompany   43XConcessionaryrateoftaxforintellectualpropertyincome Part12DEDUCTIONOFTAXATSOURCE   44(Repealed)   44A(Repealed)   45Withholdingoftaxinrespectofinterestpaidtonon‑residentpersons   45AApplicationofsection 45toroyalties,managementfees,etc.   45AATaxdeemedwithheldandrecoverablefrompersoninbreachofconditionimposedundersection 13(4)   45BApplicationofsection 45tonon‑residentdirector’sremuneration   45CApplicationofsection 45todistributionbyunittrust   45DApplicationofsection 45togainsfromrealpropertytransaction   45EApplicationofsection 45towithdrawalsbynon‑citizenSRSmembers,etc.   45EAApprovalofdeductionofinvestmentfromSRSaccountofnon‑citizen   45FApplicationofsection 45toincomefromprofessionorvocationcarriedonbynon‑residentindividual,etc.   45GApplicationofsection 45todistributionfromanyrealestateinvestmenttrust   45GAApplicationofsection 45toincomederivedaspublicentertainer   45HApplicationofsection 45tocommissionorotherpaymentoflicensedinternationalmarketagent   45ISections 45and45Anotapplicabletocertainpayments   45JApplicationofsection 45,etc.,toGovernment Part13ALLOWANCESFORTAXCHARGED   46Taxdeductedfrominterests,etc.   47(Repealed) Part14RELIEFAGAINSTDOUBLETAXATION   48(Repealed)   49Avoidanceofdoubletaxationarrangements   50Taxcredits   50AUnilateraltaxcredits   50BTaxcreditsfortrustincometowhichbeneficiaryisentitled   50CPoolingofcredits Part15PERSONSCHARGEABLE Husbandandwife   51Incomeofwife Trustees,agentsandcurators   52Chargeabilityoftrustees,etc.   53ChargeabilityofagentofpersonresidingoutofSingapore   54Liabilityofpersonchargeableinrespectofincapacitatedperson   55Liabilityofmanagersofcompaniesorbodiesofpersons   56Indemnificationofrepresentative   57Powertoappointagent,etc.,forrecoveryoftax   58Deceasedpersons   59Dutyofliquidatoronwindingupofcompanyorlimitedliabilitypartnership   60Chargeabilityofjointtrustees   61(Repealed) Part16RETURNS   62Noticeofchargeabilityandreturns   62AThebasicrule:Singaporedollartobeused   62BCurrencyotherthanSingaporedollartobeusedincertaincircumstances   63Furnishingofestimateofchargeableincomeifnoreturnismadeundersection 62   64Comptrollermaycallforfurtherreturns   65Powertocallforreturns   65AStatementofbankaccounts,assets,etc.   65BPowerofComptrollertoobtaininformation   65CFailuretocomplywithsection 64,65,65Aor65B   65DSection 65BnoticeappliesdespitedutyofsecrecyunderBankingAct 1970orTrustCompaniesAct 2005   65ESection 65Bnoticemaybesubjecttoconfidentialityduty   65FArrestofperson   65GNounnecessaryrestraint   65HArrestingofficertobearmed   65ISearchofplaceenteredbypersonsoughttobearrested   65JArrestedpersonmaybeorallyexamined   65KDisposalofitemfurnishedorseized   66Returnstobedeemedtobefurnishedbydueauthority   67Keepingofbooksofaccountandgivingofreceipts   68Officialinformationandsecrecy,andreturnsbyemployer   69Liststobepreparedbyrepresentativeoragent   70Occupierstofurnishreturnofrentpayable   71Returntobemadebypartnership   71A(Repealed) Part17ASSESSMENTSANDOBJECTIONS   72Comptrollertomakeassessments   73Advanceassessments   74Additionalassessments   74ARevisedassessmentsasreliefforlateGSTregistration   75Waiverofsmallassessments   76Serviceofnoticesofassessmentandrevisionofassessment   77Errorsanddefectsinassessmentandnotice Part18APPEALS   78BoardofReview   79Rightofappeal   80Hearinganddisposalofappeals   80AHearingofappealinabsenceofmemberofBoard   81AppealstoGeneralDivisionofHighCourt   82CasesstatedforGeneralDivisionofHighCourt   83ProceedingsbeforeBoard   84Assessmentstobefinalandconclusive Part19COLLECTION,RECOVERYANDREPAYMENTOFTAX   85Timewithinwhichpaymentistobemade   86RecoveryoftaxfrompersonsleavingSingapore   87Penaltyfornon‑paymentoftaxandenforcementofpayment   88Changeofaddress   89SuitfortaxbyComptroller   90StatementofComptrollersufficient   91Deductionoftaxfromemolumentsandpensions   92Remission,reductionorrefundoftax   92ARemissionoftaxofcompaniesforyearofassessment2011   92BCashgrantforcompaniesforyearofassessment2011   92CCashgrantforcompaniesforyearofassessment2012   92DRemissionoftaxofcompaniesforyearsofassessment2013,2014and2015   92ERemissionoftaxofcompaniesforyearofassessment2016   92FRemissionoftaxofcompaniesforyearofassessment2017   92GRemissionoftaxofcompaniesforyearofassessment2018   92HRemissionoftaxofcompaniesforyearofassessment2019   92IRemissionoftaxofcompaniesforyearofassessment2020   93Repaymentoftax   93AReliefinrespectoferrorormistake Part20OFFENCESANDPENALTIES   94Generalpenalties   94APenaltyforfailuretomakereturn   95Penaltyforincorrectreturn,etc.   96TaxevasionandwilfulactiontoobtainPICbonus   96ASeriousfraudulenttaxevasionandactiontoobtainPICbonus   97Penaltiesforoffencesbyauthorisedandunauthorisedpersons   98PenaltyforobstructingComptrollerorofficers   99Taxtobepayabledespiteanyproceedingsforpenalties   100Provisionsrelatingtopenalty   101Consentforprosecution   102Serviceofsummons   103Savingforcriminalproceedings   104Admissibilityofcertainstatementsanddocumentsasevidence   104AProtectionofinformers   105Jurisdictionofcourt Part20AEXCHANGEOFINFORMATIONUNDERAVOIDANCEOFDOUBLETAXATIONARRANGEMENTSANDEXCHANGEOFINFORMATIONARRANGEMENTS   105AInterpretationofthisPart   105BPurposeofthisPart   105BAExchangeofinformationarrangement   105C(Repealed)   105DRequestforinformation   105EComptrollertoservenoticeofrequestoncertainpersons   105FPowerofComptrollertoobtaininformation   105GPowerofComptrollertoobtaininformationfromotherauthorities   105GAInformationmaybeusedforadministrationofAct   105HRulesforpurposesofthisPart   105HAConfidentialityrequirementsforjudicialreviewproceedings Part20BINTERNATIONALAGREEMENTSTOIMPROVETAXCOMPLIANCE   105IInterpretationofthisPart   105JPurposeofthisPart   105KInternationaltaxcomplianceagreements   105LProvisionofinformationtoComptroller   105MOffences   105MAAnti‑avoidance   105NPowerofComptrollertoobtaininformation   105OInformationmaybeusedforadministrationofAct   105PRegulationstoimplementinternationaltaxcomplianceagreements,etc.   105PADutytoprovideinformationunderregulationsprevailsoverdutyofsecrecy,etc.   105QConfidentialityrequirementsforjudicialreviewproceedings Part21MISCELLANEOUS   105RRevocationofapproval   105SConditionsforapplicationoftaxincentivetreatedasconditionsofapproval   106PowerstoamendSchedules   107VariablecapitalcompaniesorVCCs   108Advancerulings FIRSTSCHEDULE Institution,authority,personorfundexempted SECONDSCHEDULE Ratesoftax THIRDSCHEDULE FOURTHSCHEDULE Prescribedsections FIFTHSCHEDULE Childrelief SIXTHSCHEDULE Numberofyearsofworkinglifeofasset SEVENTHSCHEDULE Advancerulings EIGHTHSCHEDULE InformationtobeincludedinarequestforinformationunderPart 20A NINTHSCHEDULE Specifiedpublicschemes TENTHSCHEDULE TenthScheduleentities LegislativeHistory Abbreviations ComparativeTable Reset GetProvisions WholeDocument IncomeTaxAct1947 Status: Currentversionasat06Jul2022 Timeline SubsidiaryLegislation  AmendmentAnnotation Loading... Actions AddtoMyCollections AmendmentsRSSFeed Document Provision 30Mar1987 1985RevEd 14Aug1987 Amendedby S380/1989 09Nov1987 Amendedby S79/1988 29Jan1988 Amendedby Act1of1988 01Jan1989 Amendedby Act1of1990 11Feb1989 Amendedby S562/1991 17Feb1989 Amendedby Act3of1989 14May1989 Amendedby S382/1990 01Jan1990 Amendedby Act20of1991 01Jul1990 Amendedby S383/1990 30Nov1990 Amendedby Act23of1990 17Jan1991 Amendedby S317/1991 19Jul1991 Amendedby Act20of1991 17Aug1991 Amendedby S210/1992 09Mar1992 1992RevEd 13Mar1992 Amendedby Act26of1993 01Sep1992 Amendedby S412/1992 02Oct1992 Amendedby Act28of1992 01Jan1993 Amendedby Act28of1992 26Nov1993 Amendedby Act31of1993 15Mar1994 1994RevEd 16Sep1994 Amendedby Act11of1994 01Oct1994 Amendedby S259/1995 01Dec1994 Amendedby Act19of1994 01Jan1995 Amendedby Act11of1994 01Mar1995 Amendedby Act32of1995 01Sep1995 Amendedby S33/1996 13Oct1995 Amendedby Act32of1995 01Feb1996 Amendedby S67/1996 02Feb1996 Amendedby Act7of1996 01Apr1996 Amendedby Act1of1996 30Apr1996 1996RevEd 01Jul1996 Amendedby S302/1996 02Aug1996 Amendedby Act23of1996 06Sep1996 Amendedby Act28of1996 01Jan1997 Amendedby Act31of1998 30Sep1997 Amendedby S485/1999 23Jan1998 Amendedby Act1of1998 27Feb1998 Amendedby Act31of1998 28Feb1998 Amendedby Act32of1999 14Aug1998 Amendedby Act31of1998 16Nov1998 Amendedby Act37of1998 18Nov1998 Amendedby Act32of1999 28Feb1999 Amendedby Act24of2000 21May1999 Amendedby S267/1999 31Aug1999 Amendedby Act34of2005 03Sep1999 Amendedby Act32of1999 01Dec1999 Amendedby Act24of2000 30Dec1999 1999RevEd 18Jan2000 Amendedby Act24of2000 15Mar2000 Amendedby Act9of2000 07Sep2000 Amendedby Act24of2000 01Oct2000 Amendedby Act24of2001 31Jan2001 Amendedby Act24of2001 01Apr2001 Amendedby Act3of2001 01Jun2001 Amendedby Act37of2002 10Aug2001 Amendedby Act24of2001 13Oct2001 Amendedby Act37of2002 23Nov2001 Amendedby Act37of2002 31Dec2001 2001RevEd 01Jan2002 Amendedby Act37of2002 03May2002 Amendedby Act37of2002 02Jul2002 Amendedby Act37of2002 01Oct2002 Amendedby Act25of2002 10Dec2002 Amendedby Act21of2003 10Dec2002 Amendedby Act7of2007 12Dec2002 Amendedby Act24of2000 01Jan2003 Amendedby Act37of2002 28Feb2003 Amendedby Act21of2003 01Apr2003 Amendedby Act4of2003 01Apr2003 Amendedby Act21of2003 07May2003 Amendedby S220/2003 01Jun2003 Amendedby Act21of2003 01Jul2003 Amendedby Act21of2003 01Oct2003 Amendedby Act49of2004 01Nov2003 Amendedby Act49of2004 03Dec2003 Amendedby Act21of2003 01Jan2004 Amendedby Act21of2003 01Jan2004 Amendedby Act29of2010 27Feb2004 Amendedby Act34of2005 01Apr2004 Amendedby Act4of2004 28Apr2004 Amendedby Act11of2004 01Jul2004 Amendedby Act16of2004 21Sep2004 Amendedby Act34of2005 25Nov2004 Amendedby Act48of2004 30Nov2004 Amendedby Act49of2004 01Jan2005 Amendedby Act7of2007 18Feb2005 Amendedby Act7of2007 01Apr2005 Amendedby Act34of2005 22Apr2005 Amendedby S194/2006 01May2005 Amendedby Act8of2005 07Nov2005 Amendedby Act34of2005 09Nov2005 Amendedby S715/2005 01Dec2005 Amendedby Act34of2005 01Jan2006 Amendedby Act22of2011 30Jan2006 Amendedby Act34of2005 01Feb2006 Amendedby Act11of2005 17Feb2006 Amendedby Act7of2007 01Mar2006 Amendedby Act7of2006 31Mar2006 Amendedby S194/2006 01Apr2006 Amendedby Act7of2007 01Nov2006 Amendedby Act53of2007 01Jan2007 Amendedby Act53of2007 13Feb2007 Amendedby Act22of2011 15Feb2007 Amendedby Act34of2008 01Mar2007 Amendedby Act2of2007 01Mar2007 Amendedby Act10of2007 01Jul2007 Amendedby Act53of2007 01Sep2007 Amendedby Act22of2011 06Dec2007 Amendedby Act34of2008 01Jan2008 2008RevEd 17Jan2008 Amendedby Act34of2008 16Feb2008 Amendedby Act34of2008 27Feb2008 Amendedby Act35of2007 01Apr2008 Amendedby Act29of2012 02Apr2008 Amendedby Act10of2006 01Oct2008 Amendedby Act27of2009 31Oct2008 Amendedby Act22of2011 16Dec2008 Amendedby Act34of2008 01Jan2009 Amendedby Act34of2008 09Jan2009 Amendedby Act22of2011 22Jan2009 Amendedby Act19of2013 01Apr2009 Amendedby Act22of2011 04May2009 Amendedby Act27of2009 01Jul2009 Amendedby Act27of2009 01Oct2009 Amendedby Act19of2013 29Dec2009 Amendedby Act27of2009 01Jan2010 Amendedby Act27of2009 01Jan2010 Amendedby Act29of2010 09Feb2010 Amendedby Act24of2009 22Feb2010 Amendedby Act29of2012 23Feb2010 Amendedby Act22of2011 01Mar2010 Amendedby Act29of2010 01Apr2010 Amendedby Act29of2012 21May2010 Amendedby Act29of2010 07Jul2010 Amendedby Act22of2011 22Oct2010 Amendedby Act25of2010 22Nov2010 Amendedby Act29of2010 01Jan2011 Amendedby Act29of2012 19Feb2011 Amendedby Act22of2011 01Mar2011 Amendedby Act29of2010 01Apr2011 Amendedby Act22of2011 25Apr2011 Amendedby Act22of2011 01May2011 Amendedby Act13of2011 01Jun2011 Amendedby Act29of2012 01Sep2011 Amendedby Act22of2011 20Dec2011 Amendedby Act22of2011 01Jan2012 Amendedby Act22of2011 17Feb2012 Amendedby Act29of2012 28Feb2012 Amendedby Act29of2012 01Mar2012 Amendedby Act29of2012 01Apr2012 Amendedby Act29of2012 01Jun2012 Amendedby Act29of2012 03Dec2012 Amendedby S595/2012 18Dec2012 Amendedby Act19of2013 31Jan2013 Amendedby Act36of2012 17Feb2013 Amendedby Act2of2013 25Feb2013 Amendedby Act19of2013 26Feb2013 Amendedby Act19of2013 13Mar2013 Amendedby Act3of2013 01Apr2013 Amendedby Act19of2013 18Apr2013 Amendedby Act11of2013 28Jun2013 Amendedby Act19of2013 28Nov2013 Amendedby Act19of2013 23Dec2013 Amendedby S775/2013 01Jan2014 Amendedby Act21of2013 31Mar2014 2014RevEd 01Apr2014 Amendedby Act37of2014 01Apr2014 Amendedby Act2of2016 30May2014 Amendedby Act37of2014 01Sep2014 Amendedby Act37of2014 01Sep2014 Amendedby Act2of2016 27Nov2014 Amendedby Act34of2016 01Jan2015 Amendedby Act37of2014 24Feb2015 Amendedby Act2of2016 18Mar2015 Amendedby Act2of2016 01Apr2015 Amendedby Act39of2017 29May2015 Amendedby Act2of2016 01Jun2015 Amendedby Act37of2014 01Jun2015 Amendedby Act2of2016 01Jul2015 Amendedby Act37of2014 01Jul2015 Amendedby Act2of2016 01Nov2015 Amendedby Act4of2015 01Nov2015 Amendedby S712/2015 01Jan2016 Amendedby Act2of2016 03Jan2016 Amendedby Act29of2014 25Mar2016 Amendedby Act34of2016 01Apr2016 Amendedby Act39of2017 11Apr2016 Amendedby Act2of2016 19Apr2016 Amendedby Act34of2016 19May2016 Amendedby Act34of2016 01Jul2016 Amendedby Act2of2016 01Jul2016 Amendedby S303/2016 20Jul2016 Amendedby Act15of2016 01Aug2016 Amendedby Act15of2016 03Oct2016 Amendedby Act24of2016 29Dec2016 Amendedby Act34of2016 01Jan2017 Amendedby Act39of2017 21Feb2017 Amendedby Act39of2017 01Apr2017 Amendedby Act45of2018 01Jun2017 Amendedby Act39of2017 02Jul2017 Amendedby Act21of2017 26Oct2017 Amendedby Act45of2018 01Jan2018 Amendedby Act32of2019 20Feb2018 Amendedby Act45of2018 01Apr2018 Amendedby Act45of2018 04May2018 Amendedby Act45of2018 01Jul2018 Amendedby Act45of2018 31Aug2018 Amendedby Act9of2018 08Oct2018 Amendedby Act4of2017 12Nov2018 Amendedby Act32of2019 30Nov2018 Amendedby Act5of2016 12Dec2018 Amendedby Act41of2020 20Dec2018 Amendedby Act32of2019 31Dec2018 Amendedby Act32of2019 01Jan2019 Amendedby Act52of2018 01Jan2019 Amendedby Act32of2019 02Jan2019 Amendedby Act19of2017 19Feb2019 Amendedby Act32of2019 01Apr2019 Amendedby Act32of2019 01May2019 Amendedby S290/2019 01Jul2019 Amendedby Act32of2019 02Dec2019 Amendedby Act32of2019 01Jan2020 Amendedby Act32of2019 15Jan2020 Amendedby Act28of2019 19Feb2020 Amendedby Act41of2020 01Apr2020 Amendedby Act41of2020 01Jul2020 Amendedby Act41of2020 30Oct2020 Amendedby Act20of2019 07Dec2020 Amendedby Act41of2020 02Jan2021 Amendedby Act40of2019 17Feb2021 Amendedby Act27of2021 01Apr2021 Amendedby Act27of2021 19May2021 Amendedby Act27of2021 01Jul2021 Amendedby Act1of2020 03Aug2021 Amendedby Act15of2021 01Sep2021 Amendedby Act27of2021 16Nov2021 Amendedby Act27of2021 31Dec2021 2020RevEd 01Jan2022 Amendedby Act39of2021 31Jan2022 Amendedby Act35of2021 01Apr2022 Amendedby Act25of2021 11Apr2022 Amendedby S310/2022 30Jun2022 Amendedby Act18of2022   Versions 30Jun2022 30 Mar 1987 14 Aug 1987 9 Nov 1987 29 Jan 1988 1 Jan 1989 11 Feb 1989 17 Feb 1989 14 May 1989 1 Jan 1990 1 Jul 1990 30 Nov 1990 17 Jan 1991 19 Jul 1991 17 Aug 1991 9 Mar 1992 13 Mar 1992 1 Sep 1992 2 Oct 1992 1 Jan 1993 26 Nov 1993 15 Mar 1994 16 Sep 1994 1 Oct 1994 1 Dec 1994 1 Jan 1995 1 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Rules7.—(1)  TheMinistermaymakerules —(a)toprovideforthedeductionandpaymentoftaxatthesourceinrespectofincomefromanyemployment,andfortherecoveryoftaxsodeducted;(aa)toprescribethemodeofpaymentforanyrefundunderthisActtoanypersonorclassofpersons;and(b)generallytogiveeffecttotheprovisionsofthisAct,otherthansection 81.[41/2020](2)  AllrulesmadeunderthissectionmustbepresentedtoParliamentassoonaspossibleafterpublicationintheGazette.Allowancesof3 yearsor2 yearswrite‑offformachineryandplant,and100% write‑offforcomputer,prescribedautomationequipmentandrobot,etc.19A.—(1)  Despitesection 19,whereapersoncarryingonatrade,professionorbusinessincurscapitalexpenditureontheprovisionofmachineryorplantforthepurposesofthattrade,professionorbusiness,thereistobemadetotheperson,ondueclaimforanyyearofassessmentandinlieuoftheallowancesprovidedbysection 19,anannualallowanceof331/3% inrespectofthecapitalexpenditureincurred.(1A)  Anyannualallowanceunderthissectioninrespectofanyassetforanyyearofassessmentmustnotexceedtheamountofthecapitalexpenditureoftheassetremainingunallowedasatthebeginningofthebasisperiodforthatyearofassessment.(1B)  Despitesubsection (1),whereapersoncarryingonatrade,professionorbusinessincurs,duringthebasisperiodrelatingtotheyearofassessment 2010or2011,capitalexpenditureontheprovisionofmachineryorplantforthepurposesofthattrade,professionorbusiness,thepersonmay,inlieuoftheallowancesprovidedbysubsection (1)orsection 19,electtobeentitledforany2 yearsofassessmenttothefollowing:(a)fortheyearofassessmentrelatingtothebasisperiodinwhichthecapitalexpenditurewasincurredoranysubsequentyearofassessment(calledinthissubsectionthefirst year),anallowanceof75% inrespectofthecapitalexpenditureincurred;(b)foranyyearofassessmentsubsequenttothefirstyear,anallowanceof25% inrespectofthecapitalexpenditureincurred.(1C)  Whereapersoncarryingonatrade,professionorbusinessentersintoahire‑purchaseagreementduringthebasisperiodrelatingtotheyearofassessment 2010or2011inrespectofmachineryorplantprovidedforthepurposesofthattrade,professionorbusiness,subsection (1B)appliestoeachinstalmentpaidbythatpersonunderthathire‑purchaseagreement,whethertheinstalmentispaidduringorafterthebasisperiodrelatingtotheyearofassessment 2010or2011.(1D)  Anelectionmadebyapersonundersubsection (1B)isirrevocable.(1E)  Despitesubsection (1),whereapersoncarryingonatrade,professionorbusinessincurs,duringthebasisperiodfortheyearofassessment 2021or2022,capitalexpenditureontheprovisionofmachineryorplantforthepurposesofthattrade,professionorbusiness,thepersonmay,inlieuoftheallowancesundersubsection (1)orsection 19,electtobeentitledtothefollowing:(a)fortheyearofassessmentrelatingtothebasisperiodinwhichthecapitalexpenditureisincurred —anannualallowanceof75% inrespectofthecapitalexpenditureincurred;(b)fortheyearofassessmentimmediatelyfollowingtheyearofassessmentmentionedinparagraph (a) —anannualallowanceof25% inrespectofthecapitalexpenditureincurred.[41/2020;27/2021](1F)  Theelectioninsubsection (1E)mustbemadeatthetimeoflodgmentoftheperson’sreturnofincomefortheyearofassessmentrelatingtothebasisperiodinwhichthecapitalexpenditureisincurred,andsuchelectionisirrevocable.[41/2020;27/2021](1G)  Whereapersoncarryingonatrade,professionorbusinessentersintoahire‑purchaseagreementduringthebasisperiodfortheyearofassessment 2021or2022inrespectofmachineryorplantprovidedforthepurposesofthattrade,professionorbusiness,subsection (1E)applies,withthenecessarymodifications,toeachinstalmentpaidbythepersonunderthehire‑purchaseagreementinabasisperiodforayearofassessment(whetherthefirstmentionedyearofassessmentorasubsequentyearofassessment),asitappliestocapitalexpenditureincurredinthebasisperiodfortheyearofassessment 2021or2022,asthecasemaybe.[27/2021](2)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasinstalledacomputerorotherprescribedautomationequipmentforthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatcomputerorautomationequipment.[41/2020](2A)  WhereapersonprovestotheComptroller’ssatisfactionthatthepersonhasincurredcapitalexpenditureduringthebasisperiodfortheyearofassessment 2011ortheyearofassessment 2012ontheprovisionofoneormorePICautomationequipmentforthepurposesofatrade,professionorbusinesscarriedonbytheperson,thereisallowedondueclaim,inrespectofalloftheperson’strades,professionsandbusinesses,andinadditiontotheallowanceundersection 19orsubsection (1),(1B)or(2)(asthecasemaybe),anallowancecomputedinaccordancewiththeformulawhereAis —(a)fortheyearofassessment2011,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)$800,000;and(b)fortheyearofassessment2012,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)thebalanceafterdeductingfrom$800,000theloweroftheamountsspecifiedinparagraph (a)(i)and(ii).(2B)  Subjecttosection 37J,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasincurredcapitalexpenditureduringthebasisperiodfortheyearofassessment 2013,theyearofassessment 2014ortheyearofassessment 2015ontheprovisionofoneormorePICautomationequipmentforthepurposesofatrade,professionorbusinesscarriedonbytheperson,thereisallowedondueclaim,inrespectofalloftheperson’strades,professionsandbusinessesandinadditiontotheallowanceundersection 19orsubsection (1),(1B)or(2)(asthecasemaybe),anallowancecomputedinaccordancewiththeformulawhereAis —(a)fortheyearofassessment2013,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)$1,200,000;(b)fortheyearofassessment2014,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)thebalanceafterdeductingfrom$1,200,000theloweroftheamountsspecifiedinparagraph (a)(i)and(ii);and(c)fortheyearofassessment2015,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)thebalanceafterdeductingfrom$1,200,000theloweroftheamountsspecifiedinparagraph (a)(i)and(ii),andtheloweroftheamountsspecifiedinparagraph (b)(i)and(ii).[37/2014](2BAA)  Subjecttosection 37J,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasincurredcapitalexpenditureduringthebasisperiodfortheyearofassessment 2016,2017or2018ontheprovisionofoneormorePICautomationequipmentforthepurposesofatrade,professionorbusinesscarriedonbytheperson,thereisallowedondueclaim,inrespectofalloftheperson’strades,professionsandbusinesses,andinadditiontotheallowanceundersection 19orsubsection (1),(1B)or(2)(asthecasemaybe),anallowancecomputedinaccordancewiththeformulawhereAis —(a)fortheyearofassessment2016,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)$1,200,000;(b)fortheyearofassessment2017,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)thebalanceafterdeductingfrom$1,200,000theloweroftheamountsspecifiedinparagraph (a)(i)and(ii);and(c)fortheyearofassessment2018,thelowerofthefollowing:(i)suchcapitalexpenditureincurredduringthebasisperiodforthatyearofassessment;(ii)thebalanceafterdeductingfrom$1,200,000theloweroftheamountsspecifiedinparagraph (a)(i)and(ii),andtheloweroftheamountsspecifiedinparagraph (b)(i)and(ii).[37/2014](2BA)  Insubsection (2A),theamountunderparagraph (a)(ii)issubstitutedwith“$400,000”ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2012,andthebalanceunderparagraph (b)(ii)issubstitutedwith“$400,000”ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2011.(2BB)  Insubsection(2B) —(a)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodforanyoneyearofassessmentbetweentheyearofassessment 2013andtheyearofassessment 2015(bothyearsinclusive),thereferencesto“$1,200,000”intheparagraphsofthatsubsectionapplicabletotheother2 yearsofassessmentareeachsubstitutedwith“$800,000”;(b)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodsforany2 yearsofassessmentbetweentheyearofassessment 2013andtheyearofassessment 2015(bothyearsinclusive),thereferenceto“$1,200,000”intheparagraphofthatsubsectionapplicabletotheremainingyearofassessmentissubstitutedwith“$400,000”;and(c)toavoiddoubt,nodeductionmaybemadefromthesubstitutedamountinsubsection (2B)(b)(ii)or(c)(ii)oftheloweroftheamountsspecifiedinsubsection (2B)(a)(i)and(ii)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2013,andnodeductionmaybemadefromthesubstitutedamountinsubsection (2B)(c)(ii)oftheloweroftheamountsspecifiedinsubsection (2B)(b)(i)and(ii)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2014.(2BC)  Insubsection (2BAA) —(a)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodforanyoneyearofassessmentbetweentheyearsofassessment 2016and2018(bothyearsinclusive),thereferencesto“$1,200,000”intheparagraphsofthatsubsectionapplicabletotheother2 yearsofassessmentareeachsubstitutedwith“$800,000”;(b)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodsforany2 yearsofassessmentbetweentheyearsofassessment 2016and2018(bothyearsinclusive),thereferenceto“$1,200,000”intheparagraphofthatsubsectionapplicabletotheremainingyearofassessmentissubstitutedwith“$400,000”;and(c)toavoiddoubt,nodeductionmaybemadefromthesubstitutedamountinsubsection (2BAA)(b)(ii)or(c)(ii)oftheloweroftheamountsspecifiedinsubsection (2BAA)(a)(i)and(ii)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2016,andnodeductionmaybemadefromthesubstitutedamountinsubsection (2BAA)(c)(ii)oftheloweroftheamountsspecifiedinsubsection (2BAA)(b)(i)and(ii)ifthepersondoesnotcarryonanytrade,professionorbusinessduringthebasisperiodfortheyearofassessment 2017.[37/2014](2C)  WhereapersonprovestotheComptroller’ssatisfactionthatthepersonhasduringorafterthebasisperiodfortheyearofassessment 2011incurredcapitalexpenditurebywayofmakingoneormoreinstalmentpaymentsunderahire‑purchaseagreementoragreementstoacquireoneormorePICautomationequipmentforthepurposesofatrade,businessorprofessioncarriedonbytheperson,thatisoraresignedduringthebasisperiodforanyyearofassessmentbetweentheyearofassessment 2011andtheyearofassessment 2018(bothyearsinclusive),andthepersonmakesaclaimforanallowanceundersubsection (2A),(2B)or(2BAA),thosesubsectionsapplywiththefollowingmodifications:(a)areferencetothecapitalexpenditureincurredontheprovisionofoneormorePICautomationequipmentduringthebasisperiodforayearofassessment,beingthebasisperiodinwhichtheagreementoragreementsisoraresigned,isareferencetotheaggregateof —(i)thepriceorprices(includingcapitalexpenditureincurredonalterationstoanexistingbuildingincidentaltotheinstallationoftheequipmentbutexcludinganyfinancecharges)atwhichthepersonmighthavepurchasedtheequipmentoralltheequipmentthatisthesubjectofthehire‑purchaseagreementoragreementsforcashatthetimeofthesigningoftheagreementoragreements;and(ii)thecapitalexpenditureincurredontheprovisionofanyotherPICautomationequipmentforthepurposesoftheperson’strade,professionorbusinessduringthatbasisperiod;(b)areferencetothecapitalexpenditureincurredontheprovisionofoneormorePICautomationequipmentduringthebasisperiodforayearofassessmentexcludestheamountofanyinstalmentpaidordepositmadebythepersonunderthatagreementoranyofthoseagreementsduringthebasisperiod;(c)theallowancereferredtoinsubsection (2A),(2B)or(2BAA)inrespectofeachequipmentthatisthesubjectofahire‑purchaseagreementmustbemadetothepersonfortheyearofassessmentinrespectofeachbasisperiodduringwhichthepersonpaidaninstalmentorinstalmentsormadeadepositordepositsundertheagreement,intheproportionwhichthetotalamountoftheinstalmentorinstalmentspaid,anddepositordepositsmade,duringthatbasisperiodforthatequipmentbearstothetotalamountofallinstalmentsanddepositsundertheagreementforthatequipment.[37/2014](2D)  Forthepurposesofsubsections (2A),(2B)and(2BAA),whereanindividualcarryingonatrade,professionorbusinessthrough2 ormorefirms(excludingpartnerships)hasincurredcapitalexpenditureduringthebasisperiodforanyyearofassessmentbetweentheyearofassessment 2011andtheyearofassessment 2018(bothyearsinclusive)ontheprovisionofoneormorePICautomationequipmentinrespectofsuchfirmsforthepurposesofhisorhertrade,professionorbusiness,theallowancethatmaybeallowedtohimorherforthatexpenditureinrespectofallofhisorhertrades,professionsandbusinessesmustnotexceedtheamountcomputedinaccordancewithsubsection (2A),(2B)or(2BAA)(asthecasemaybe)forthatyearofassessment.[37/2014](2E)  Forthepurposesofsubsections (2A),(2B)and(2BAA),whereapartnershipcarryingonatrade,professionorbusinesshasincurredcapitalexpenditureduringthebasisperiodforanyyearofassessmentbetweentheyearofassessment 2011andtheyearofassessment 2018(bothyearsinclusive)ontheprovisionofoneormorePICautomationequipmentforthepurposesofitstrade,professionorbusiness,theaggregateoftheallowancesthatmaybeallowedtoallthepartnersofthepartnershipforthatexpenditureinrespectofallofthetrades,professionsandbusinessesofthepartnershipmustnotexceedtheamountcomputedinaccordancewithsubsection (2A),(2B)or(2BAA)(asthecasemaybe)forthatyearofassessment.[37/2014](2F)  Despitesubsections (2A),(2B)and(2BAA),whereapersonhasincurredcapitalexpenditureontheprovisionofanyPICautomationequipmentforthepurposeofleasingsuchequipment,noallowanceunderthosesubsectionsmaybemadetothepersoninrespectofsuchexpenditure.[37/2014](2FA)  Despitesubsections (2A),(2B)and(2BAA),wherethePICautomationequipmentinquestionisnotprescribedautomationequipmentundersubsection (2),thentheallowancesclaimedundersubsections (2A),(2B)and(2BAA)mustbewrittendowninthefollowingmanner:(a)wherethepersonclaimingtheallowanceselectstoclaimallowancesinrespectofsuchequipmentundersection 19 —(i)one‑fifthoftheallowancesundersubsections (2A),(2B)and(2BAA)mustbeallowedfortheyearofassessmentforthebasisperiodduringwhichtheexpenditureisincurred;and(ii)thebalanceoftheallowancesundersubsections (2A),(2B)and(2BAA)mustbewrittendownoverthenumberofyearsofworkinglifeoftheequipmentasspecifiedintheSixth Scheduleoraselectedbythepersonundersection 19(2AB);(b)wherethepersonclaimingtheallowanceselectstoclaimallowancesinrespectofsuchequipmentundersubsection (1)or(1B),theallowancesundersubsections (2A),(2B)and(2BAA)mustbewrittendownover3 yearsinthecaseofsubsection (1),orover2 yearsinthecaseofsubsection(1B),inthesameproportionsasthoseinwhichtheallowancesundersubsection (1)or(1B)(asthecasemaybe)maybemadetothepersonoverthatperiodofyears.[37/2014;41/2020](2FB)  Toavoiddoubt,subsection (2FA)doesnotapplytoawebsiteprovidedforthepurposesofatrade,professionorbusiness.[37/2014](2G)  Despitesubsections (2A),(2B)and(2BAA) —(a)whereapersonwhohasincurredcapitalexpenditureontheprovisionofanyPICautomationequipment(beingalsoaprescribedautomationequipmentundersubsection (2))electstoclaimallowancesinrespectofsuchequipmentundersection 19 —(i)one‑fifthoftheallowancesclaimedundersubsections (2A),(2B)and(2BAA)mustbeallowedfortheyearofassessmentforthebasisperiodduringwhichtheexpenditureisincurred;and(ii)thebalanceoftheallowancesclaimedundersubsections (2A),(2B)and(2BAA)mustbewrittendownoverthenumberofyearsofworkinglifeoftheequipmentasspecifiedintheSixth Scheduleoraselectedbythepersonundersection 19(2AB);(aa)whereapersonwhohasincurredcapitalexpenditureontheprovisionofanyPICautomationequipment(beingalsoaprescribedautomationequipmentundersubsection (2))electstoclaimallowancesinrespectofsuchequipmentundersubsection (1)or(1B),theallowancesclaimedundersubsections (2A),(2B)and(2BAA)mustbewrittendownover3 yearsinthecaseofsubsection (1),orover2 yearsinthecaseofsubsection (1B),inthesameproportionsasthoseinwhichtheallowancesundersubsection (1)or(1B)(asthecasemaybe)maybemadetothepersonoverthatperiodofyears;and(b)ifthepersonreferredtoinparagraph (a)or(aa)sells,transfersorassignsthePICautomationequipmentafteroneyearfromtheprovisionofsuchequipment,anyallowanceinrespectofsuchequipmentundersubsections (2A),(2B)and(2BAA)remainingunallowedatthetimeofthesale,transferorassignmentmustbeallowedtothepersonfortheyearofassessmentrelatingtothebasisperiodinwhichthesale,transferorassignmentoccurs.[37/2014;41/2020](2GA)  Theallowancesreferredtoinsubsection (2FA)(a)(i)or(b)or(2G)(a)(i)or(aa)(asthecasemaybe),inrespectofanyequipmentthatisthesubjectofahire‑purchaseagreement,mustbemadetothepersonfortheyearofassessmentinrespectofeachbasisperiodduringwhichthepersonpaidaninstalmentorinstalmentsormadeadepositordepositsundertheagreement,intheproportionwhichthetotalamountoftheinstalmentorinstalmentspaid,anddepositordepositsmade,duringthatbasisperiodfortheequipmentbearstothetotalamountofallinstalmentsanddepositsundertheagreementforthatequipment.(2H)  Whereanyallowancehasbeenmadetoanypersonundersubsection (2A),(2B)or(2BAA)inrespectofanyPICautomationequipmentandthepersonsells,transfers,assignsorleasesthePICautomationequipmentwithintheperiodofoneyearfromtheprovisionofsuchequipment —(a)noallowanceinrespectofsuchequipmentmaybemadetothatpersonundersubsections (2A),(2B)and(2BAA)fortheyearofassessmentrelatingtothebasisperiodinwhichthesale,transfer,assignmentorleaseoccursandforanysubsequentyearofassessment;and(b)anyallowancemadeundersubsection (2A),(2B)or(2BAA)mustbebroughttochargeasiftheallowanceswerenotmade,andisdeemedasincomefortheyearofassessmentrelatingtothebasisperiodinwhichthesale,transfer,assignmentorleaseoccurs.[37/2014](2HA)  TheMinisterorsuchpersonastheMinisterappointsmaywaivetheapplicationofsubsection (2H)(b)inthefollowingcircumstances:(a)thecapitalexpenditureincurredontheprovisionofotherPICautomationequipmentacquiredinthebasisperiodinwhichtheequipmentsold,transferred,assignedorleasedwasacquired,ismorethanorequaltotheamountthatappliestotheyearofassessmenttowhichthebasisperiodrelates;or(b)theMinisterorpersonappointedbytheMinisterissatisfiedthatthereisabonafidecommercialreasonforthesale,transfer,assignmentorlease.(2HB)  Insubsection (2HA),theamountthatappliestoayearofassessmentistheamountsetoutin —(a)fortheyearofassessment2011,subsection (2A)(a)(ii);(b)fortheyearofassessment2012,subsection (2A)(b)(ii);(c)fortheyearofassessment2013,subsection (2B)(a)(ii);(d)fortheyearofassessment2014,subsection (2B)(b)(ii);(e)fortheyearofassessment2015,subsection (2B)(c)(ii);(f)fortheyearofassessment2016,subsection (2BAA)(a)(ii);(g)fortheyearofassessment2017,subsection (2BAA)(b)(ii);(h)fortheyearofassessment2018,subsection (2BAA)(c)(ii),asmodifiedbysubsection (2BA),(2BB)or(2BC),asthecasemaybe.[37/2014](2I)  Noallowanceundersubsections (2A),(2B)and(2BAA)maybemadetoanypersoninrespectofanyamountofcapitalexpenditureincurredontheprovisionofPICautomationequipmentforwhichaninvestmentallowancehasbeenclaimedunderPart 8oftheEconomicExpansionIncentives(RelieffromIncomeTax)Act 1967.[37/2014](2IA)  Noallowanceundersubsections (2A),(2B)and(2BAA)maybemadetoanypersoninrespectofanyamountofcapitalexpenditureincurredontheprovisionofPICautomationequipmentforwhichanintegratedinvestmentallowancehasbeenclaimedunderPart 9oftheEconomicExpansionIncentives(RelieffromIncomeTax)Act 1967.[37/2014](2J)  Noallowanceundersubsections (2A),(2B)and(2BAA)maybemadetoanypersoninrespectofanyPICautomationequipmentforwhichanallowanceunderthissectionorsection 19hasbeenpreviouslymadetothatperson.[37/2014](2K)  Noallowanceundersubsections (2A),(2B)and(2BAA)maybemadetoanypersoninrespectofanyinstalmentpaidbythepersonunderanyhire‑purchaseagreementtoacquireanyPICautomationequipmentthatissignedbeforethebasisperiodfortheyearofassessment 2011.[37/2014](3)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhas,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,installedageneratorinanyofficeorfactoryforthesupplyofelectricalpowertothatofficeorfactoryintheeventofadisruptioninthenormalsupplyofelectricalpower,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatgenerator.[41/2020](4)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasinstalledarobotforthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatrobot.[41/2020](5)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasinstalledduringtheperiodbetween1January1996and16February2021(bothdatesinclusive)anyefficientpollutioncontrolequipmentordeviceforthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionoftheefficientpollutioncontrolequipmentordevice.[41/2020;27/2021](6)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasinstalledatanytimefrom1January1996to31December2017(bothdatesinclusive)anycertifiedenergy‑efficientequipmentasareplacementforanyotherequipment,oranycertifiedenergy‑savingequipment,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1)or(1B)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100%inrespectofthecapitalexpenditureincurredontheprovisionofthecertifiedenergy‑efficientequipmentorcertifiedenergy‑savingequipment.[39/2017](7)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhas,onorafter1January1998,installedanynew —(a)certifiedlow‑decibelmachine,equipmentorsystem;(b)certifiedeffectivenoisecontroldevicewhichisadistinctentityoranaccessoryofanyneworexistingmachine,equipmentorsystem;or(c)certifiedeffectiveengineeringnoisecontrolmeasureforanyexistingmachine,equipmentorprocess,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100%inrespectofthecapitalexpenditureincurredontheprovisionofthecertifiedmachine,equipmentorsystem,orthecertifiedeffectivenoisecontroldeviceormeasure.[41/2020](8)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhas,onorafter1January1998,installedanynew —(a)certifiedmachine,equipmentorsystemwhichreducesoreliminatesexposuretochemicalrisk;(b)certifiedeffectivechemicalhazardcontroldevicewhichisadistinctentityoranaccessoryofanyneworexistingmachine,equipmentorprocess;or(c)certifiedeffectivechemicalhazardcontrolmeasureforanyexistingmachine,equipmentorprocess,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthecertifiedmachine,equipmentorsystem,orthecertifiedeffectivechemicalhazardcontroldeviceormeasure.[41/2020](9)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhas,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,registeredanynewvehicleasareplacementforanexistingvehiclewhichuseddieseloilasfuelandwhichwasregisteredbefore1January1991andderegisteredonorafter27February1999,thepersonis,inlieuoftheallowancesprovidedbysubsection (1)or(1B)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatnewvehicle.(9A)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhas,forthepurposesofatrade,businessorprofessioncarriedonbytheperson,registeredduringtheperiodfrom15February2007to14February2012(bothdatesinclusive)anynewvehiclewhichusesdieseloilasfuel,asareplacementforanexistingvehiclewhichuseddieseloilasfuelandwhichwasregisteredonorafter1January1991butbefore1October2006,thepersonis,inlieuoftheallowancesprovidedbysubsection (1)or(1B)orsection 19,entitled,ifthepersonsoelects,toanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatnewvehicle.[37/2014](10)  Despitesection 19,whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasincurredcapitalexpenditureontheprovisionofawebsiteforthepurposesofatrade,businessorprofessioncarriedonbytheperson,thepersonisentitledtoanallowanceof100% inrespectofthecapitalexpenditureincurredontheprovisionofthatwebsite,andforthispurpose,awebsiteisdeemedtobemachineryorplant.(10A)  Despitesection 19andsubjecttosubsection (10B),whereapersonprovestotheComptroller’ssatisfactionthatthepersonhasincurredcapitalexpenditurenotexceeding$5,000ontheprovisionofanyitemofmachineryorplantforthepurposesofatrade,professionorbusinesscarriedonbytheperson,thepersonis,inlieuoftheallowancesprovidedbysubsection (1),(1B)or(1E)orsection 19,entitled,ifthepersonsoelects,toanallowanceof —(a)100%inrespectofthatcapitalexpenditure;or(b)whereallowanceshavebeenmadeundersubsection (1),(1B)or(1E)orsection 19foranypreviousyearofassessmentundersubsection (10B),theamountofthatcapitalexpenditurestillunallowed.[41/2020](10B)  Theaggregateamountofallowancesclaimedbyanypersonundersubsection (10A)foranyyearofassessmentmustnotexceed$30,000;andallowancesmaybemadeundersubsection (1),(1B)or(1E)orsection 19inrespectofanycapitalexpenditurestillunallowed.[41/2020](10C)  Noallowancemaybemadeundersubsection (10A)inrespectofanyitemofmachineryorplantwhichisacquiredunderahire‑purchaseagreementandtheoriginalcostofthatitemofmachineryorplantexceeds$5,000.(11)  Anyclaimbyapersonforallowancesinrespectofanymachineryorplantunderthissectionforanyyearofassessmentisnottobedisallowedbyreasononlythatthepersonhasnotinusethemachineryorplantattheendofthebasisperiodforthatyearofassessment.(12)  AnyclaimforallowancesunderthissectionmustbemadeatthetimeoflodgmentofthereturnofincomefortherelevantyearsofassessmentorwithinsuchfurthertimeastheComptrollermayallow.(13)  Whereanyallowancehasbeenclaimedandallowedunderthissectionforanyyearofassessment,noallowancesmaybemadeinanysubsequentyearofassessmentundersection 19inrespectofsuchexpenditure.(13A)  WherethetaxreliefperiodofapersontowhomacertificatehasbeenissuedunderPart 2oftheEconomicExpansionIncentives(RelieffromIncomeTax)Act 1967expiresinanybasisperiodendingonorafter1January1992andthepersonhas —(a)attheendofthebasisperiodimmediatelyfollowingthatbasisperiod,inusemachineryorplantinrespectofwhichcapitalallowanceshavebeenmadeundersection 19;and(b)beforetheendoftheyearofassessmentwhichrelatestothebasisperiodreferredtoinparagraph (a),soelected,thereistobemadetothepersonforaperiodof3 yearsanannualallowanceof331/3% inrespectofthecapitalexpenditureremainingunallowedundersection 19inrespectofthemachineryorplantasattheendofthatbasisperiod.(13B)  [DeletedbyAct32of2019](14)  Subjecttosubsections (10A)and(13A),whereanyallowancehasbeenclaimedandallowedundersection 19inrespectofanyexpenditure,noallowancesmay,exceptwiththeapprovaloftheMinisterortheComptrollerandsubjecttosuchconditionsastheMinisterorComptrollermayimpose,bemadeinanysubsequentyearofassessmentunderthissectioninrespectoftheamountofthatexpenditureremainingunallowedundersection 19.[32/2019](14A)  UnlessotherwiseprovidedinthisActortheEconomicExpansionIncentives(RelieffromIncomeTax)Act 1967,where,inthebasisperiodforanyyearofassessment,thetrade,professionorbusiness,forwhichpurposethemachineryorplantisprovided,producesincomethatisexemptfromtaxaswellasincomechargeablewithtax,theallowancesforthatyearofassessmentmustbemadeagainsteachincomeforthatyearofassessmentinsuchproportionasappearsreasonabletotheComptrollerinthecircumstances.(14B)  Subjecttosubsection (14C),thissectionapplies,withthenecessarymodifications,toapersoncarryingonanytradeorbusinesswhoincursduringthebasisperiodforanyyearofassessmentbetweentheyearofassessment 2009andtheyearofassessment 2025(bothyearsinclusive)capitalexpenditureontheprovisionofmachineryorplantforanyresearchanddevelopmentundertakenbythepersondirectlyinSingaporeorbyaresearchanddevelopmentorganisationontheperson’sbehalfinSingapore,eventhoughthemachineryorplantisnotforthepurposeofthattradeorbusiness.[37/2014](14C)  Section 14C(4)and(5)appliesinrelationtotheallowanceforthecapitalexpenditurereferredtoinsubsection (14B)asitappliesinrelationtothedeductionoftheexpenditureandpaymentsreferredtoinsection 14C(1)(aa),(c)and(f),subjecttothefollowingmodifications:(a)areferencetotheamountoftheexpenditureorpayments(afterdeductinganyamountinrespectofwhichanelectionforacashpayouthasbeenmadeundersection 37G)insection 14C(4)isareferencetotheremainingamountoftheallowanceafterdeductingtheamountoftheallowancethatcorrespondstothecapitalexpenditureinrespectofwhichanelectionforacashpayouthasbeenmadeundersection 37G;(b)areferencetothespecifiedamountoftheexpenditureorpaymentsisareferencetoanamountcomputedinaccordancewiththeformulawhere Aistheremainingamountoftheallowanceafterdeductingtheamountoftheallowancethatcorrespondstothecapitalexpenditureinrespectofwhichanelectionforacashpayouthasbeenmadeundersection 37G;Bistherateoftaxspecifiedinsection 43(1)(a);andCis — (i)inacasewheretheconcessionaryincomederivedbythepersonfromthetradeorbusinesscarriedonbythepersonissubjecttotaxatasingleconcessionaryrateoftax,thatrate;or (ii)inacasewheretheconcessionaryincomederivedbythepersonfromthetradeorbusinesscarriedonbythepersonissubjecttotaxat2 ormoreconcessionaryratesoftax,thehigherorhighestofthoserates;and(c)areferenceto“unabsorbedlosses”isareferenceto“unabsorbedallowances”.(14D)  Thissectionappliestoapersoncarryingonanytradeorbusinesswhoappropriatesanytradingstockofthattradeorbusinessforuseasmachineryorplantforthepurposeofanyoftheperson’strades,professionsorbusinessesincircumstancesthatgiverisetoareasonableinferencethattheappropriationispermanent,subjecttothefollowingmodifications:(a)areferencetothecapitalexpenditureincurredontheprovisionofmachineryorplantistotheopenmarketvalueofthetradingstockonthedateoftheappropriation;(b)thecapitalexpenditureistreatedashavingbeenincurredonthedateoftheappropriationofthetradingstock.[27/2021](14E)  Insubsection (14D),“openmarketvalue”and“tradingstock”havethemeaningsgivenbysection 10J(9).[27/2021](15)  Inthissection —“automationequipment”meansanymachineryorplantdesignedfortheautomationoffunctionsorservices;“certificateofentitlement”meansapermitissuedordeemedtobeissuedundersection 10AoftheRoadTrafficAct 1961;“certifiedeffectivechemicalhazardcontroldevice”means —(a)anylocalexhaustventilationsystem;(b)anyfugitiveemissioncontrolequipmentorsystem;or(c)anydilutionventilationsystem,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“certifiedeffectivechemicalhazardcontrolmeasure”means —(a)anyenclosedorautomatedsystem;or(b)anymodificationtomachine,equipmentorprocess,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“certifiedeffectiveengineeringnoisecontrolmeasure”means —(a)anydetachablepersonnelacousticenclosure;(b)anyacousticbarrierorshield;(c)anyacousticabsorptiondevice;or(d)anymodificationtomachine,equipmentorprocess,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“certifiedeffectivenoisecontroldevice”means —(a)anyacousticenclosureformachine,equipmentorprocess;(b)anyacousticsilencerormuffler;(c)anyvibrationabsorption,isolationordampingdevice;or(d)anyactivenoisecontroldevice,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“certifiedenergy‑efficientequipment”means —(a)anyair‑conditioningsystem;(b)anyboiler;(c)anywaterpumpingsystem;(d)anywashingordry‑cleaningmachinesystem;(e)anyrefrigerationsystem;(f)anyliftorescalator;and(g)anyinstanthotwatersystem,whichhasbeencertifiedbyaprofessionalengineerregisteredundertheProfessionalEngineersAct 1991tobemoreenergy‑efficientthantheequipmentwhichitreplaces;“certifiedenergy‑savingequipment”means —(a)anysolarheatingorcoolingsystem;(b)anysolarenergycollectionsystem;(c)anyheatrecoverysystem;(d)anypowerfactorcontroller;(e)anyhighefficiencyelectricmotor;(f)anyvariablespeeddrivemotorcontrolsystem;(g)anyhighfrequencylightingsystem;(h)anycomputerisedenergymanagementsystem;and(i)anyotherenergy‑savingequipmentordevice,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtobeanenergy‑savingequipment;“certifiedlow‑decibelmachine,equipmentorsystem”means —(a)anyconcretecrusherorsplitter;(b)anyplasticgranulatororcrusher;(c)anyautomaticsawingmachine;(d)anymetalpressorstampingmachine;(e)anymachinewithactivenoisecontrolfeature;or(f)anyothermachine,equipmentorsystem,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“certifiedmachine,equipmentorsystemwhichreducesoreliminatesexposuretochemicalrisk”means —(a)anywater‑baseddegreasingmachineorsystem;(b)anyautomatedbaggingorpackingmachineorsystem;(c)anyautomateddegreasingmachineorsystem;or(d)anyothermachine,equipmentorsystem,whichhasbeencertifiedbyanypersonapprovedbyeithertheMinisterorsuchpersonastheMinistermayappointtohavesatisfiedtheprescribedcriteria;“computer”meansanycomputerusedforautomaticdataprocessingandincludesanypartthereof;“efficientpollutioncontrolequipmentordevice”meansanyequipmentordeviceforthepurposesofpreventing,controllingorreducingairpollutionorwaterpollutionwhichsatisfiestheprescribedcriteria;“existingvehicle”meansanygoodsvehicleorbususingdieseloilasfuelwhich —(a)isnotavehicleregisteredundertheRUindexmarks;(b)isderegisterednotlaterthanoneyearbeforethelastdayonwhicharenewalofregistrationlicencecanbeissuedundertheRoadTrafficAct 1961inrespectofthevehicle;and(c)has,unlessthevehiclehasbeenexemptedfromobtainingacertificateofentitlement,atthedateofderegistrationofthevehicle —(i)atleastoneyearremaininginitscertificateofentitlement;or(ii)acertificateofentitlementwhichcanberenewedafteritsexpiry;“goodsvehicle”meansanymotorvehicleconstructedoradaptedforuseforthecarriageofgoods;“newvehicle”meansanynewgoodsvehicleornewbuswhich —(a)isregisteredwithinonemonthbefore,orwithin6 monthsafter,thederegistrationoftheexistingvehiclewhichusesdieseloilasfuel;and(b)bearsanindexmarkwhichisthesameastheindexmarkofsuchexistingvehicle,andforthispurpose,wherethenewgoodsvehicleandsuchexistingvehiclehaveamaximumladenweightexceeding3.0 metrictonsbutnotexceeding3.5 metrictons,thenewgoodsvehicleisdeemedtobearanindexmarkwhichisthesameasthatofsuchexistingvehicle;“ProductivityandInnovationCreditSchemeautomationequipment”or“PICautomationequipment”,inrelationtoanyperson,means —(a)anyautomationequipmentthatisprescribedbytheMinisterforthepurposesofsubsections (2A),(2B)and(2BAA)andsection 14Q;or(b)anyautomationequipmentwhichtheMinisterorapersonappointedbytheMinisterhasapprovedasPICautomationequipmentforthefirstmentionedperson;“website”meansacollectionofprogrammes,dataandimageswhichisaccessibleovertheInternetoranynetworkusingabrowseroranyotherformofaccess.[37/2014](16)  Insubsections (2A)to(2G)and(2I),areferencetocapitalexpenditureincurredontheprovisionofPICautomationequipmentexcludesanysuchexpendituretotheextentthatitisoristobesubsidisedbygrantsorsubsidiesfromtheGovernmentorastatutoryboard.(16A)  Forthepurposesofsubsections (2B),(2BAA),(2D)and(2E),eachreferencetocapitalexpenditureincurredinthebasisperiodfortheyearofassessment2014orasubsequentyearofassessment,ontheprovisionofoneormorePICautomationequipmentforthepurposesofatrade,professionorbusinessincludesareferencetoanycapitalexpenditureincurredontheprovisionofawebsiteforthepurposesofatrade,professionorbusiness.[37/2014](16B)  Forthepurposesofsubsections (2F),(2H),(2HA),(2I),(2IA)and(2J) —(a)eachreferencetocapitalexpenditureincurredontheprovisionofanyPICautomationequipmentincludesareferencetocapitalexpenditureincurredontheprovisionofawebsite;and(b)eachreferencetoaPICautomationequipmentincludesareferencetoawebsite.[37/2014](17)  Forthepurposesofparagraph (b)ofthedefinitionof“PICautomationequipment”,theMinisterorthepersonappointedbytheMinistermayonlyapproveanyautomationequipmentiftheMinisterorappointedpersonissatisfiedthattheequipmentfulfilssuchcriteriaasmaybeprescribedbytheMinister.(18)  Anyrulesmadeunderparagraph (a)ofthedefinitionof“PICautomationequipment”,andanyapprovalgivenunderparagraph (b)ofthatdefinition,maybemadetohaveeffectforanyyearofassessmentbeginningwiththeyearofassessment2011.