PART 1 | 1. This Act is the Economic Expansion Incentives (Relief from Income Tax) Act 1967. |
| Act to be construed as one with Income Tax Act 1947 |
| 2. This Act must, unless otherwise expressly provided for in this Act, be construed as one with the Income Tax Act 1947. |
3. In this Act, unless the context otherwise requires —| “approved activity”, in relation to a company, means an activity that has been approved under section 40A or 40E(1)(b) as an approved activity for the company; [Act 39 of 2023 wef 01/04/2023] |
| “approved activity certificate” means a certificate issued under section 40A(4)(b); [Act 39 of 2023 wef 01/04/2023] |
| “approved foreign loan” means a loan which is approved under section 33 to be an approved foreign loan; |
| “approved royalties, fees or contributions” means royalties, technical assistance fees or contributions to research and development costs which have been approved under section 37 to be approved royalties, fees or contributions; |
| “certificate” includes a letter or other document issued by the Minister to a company pursuant to an application made by the company under a provision of this Act; |
| “company” means any company incorporated or registered in accordance with the provisions of any written law relating to companies; |
| “Comptroller” means the Comptroller of Income Tax appointed under the Income Tax Act 1947; |
| “foreign loan certificate” means a foreign loan certificate issued under section 33; |
| “intellectual property income” means any intellectual property income prescribed by the Minister under section 64; |
| “manufacture”, in relation to a product, includes any process or method used in making or developing the product; |
“new trade or business” means the trade or business —| (a) | in respect of any product or products specified in a single pioneer certificate of a pioneer enterprise; and | | (b) | that is considered under section 7 to have been set up and commenced on the day following the tax relief expiry date of the old trade or business in respect of that product or those products; |
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“old trade or business” means the trade or business of a pioneer enterprise which satisfies all of the following conditions:| (a) | it is in respect of one or more pioneer products specified in a single pioneer certificate of the pioneer enterprise; | | (b) | the part of the trade or business in respect of each pioneer product is carried on during the tax relief period for that product; | | (c) | it either ceases before or is considered, under section 7, to have permanently ceased on the tax relief expiry date; |
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| “pioneer certificate” means a pioneer certificate issued under section 5; |
| “pioneer enterprise” means any company which has been approved by the Minister under section 5 for a pioneer product and to which a pioneer certificate is issued under that section; |
| “pioneer industry” means an industry approved under section 4 to be a pioneer industry; |
| “pioneer product” means a product approved under section 4 to be a pioneer product; |
| “production day”, in relation to a pioneer product that is approved under section 5(3) for a pioneer enterprise, means the date specified in the pioneer enterprise’s pioneer certificate under section 5(5)(b) or (7)(a) or (c) as the production day of that product; |
| “productive equipment” means machinery or plant which would normally qualify for deduction under sections 19, 19A, 20, 21 and 22 of the Income Tax Act 1947; |
| “royalties, fees or contributions certificate” means a certificate issued under section 37; |
“royalties or technical assistance fees” includes —| (a) | any royalties, rentals or other amounts paid as consideration for the use of, or the right to use, copyright, scientific works, patents, designs, plans, secret processes, formulae, trade marks, licences or other like property or rights; | | (b) | income derived from the alienation of property or information mentioned in paragraph (a); and | | (c) | other amounts paid in consideration of services rendered by a non-resident person or the person’s employee in connection with the use of property or rights belonging to, or the initial operation of any plant, machinery or other apparatus purchased from, the non-resident person, |
| but does not include royalties, rentals or other amounts paid in respect of the operation of mines, quarries or other places of extraction of natural resources; or fees paid to an individual for the performance of professional services in Singapore other than as an employee; |
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| “tax” means income tax imposed by the Income Tax Act 1947; |
“tax relief expiry date”, in relation to an old trade or business, means —| (a) | where the old trade or business is in respect of only one pioneer product, the date on which the tax relief period for that pioneer product expires; or | | (b) | where the old trade or business is in respect of 2 or more pioneer products, the date on which all the tax relief periods for those products expire, or (if the Minister has removed one or more but not all of those products from the pioneer certificate under section 5, or extended the tax relief period or periods for one or more but not all of those products under section 6) the date of expiry of the tax relief period with the latest date of expiry. [1/2012; 11/2016; 8/2018] |
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| Assignment of function or power to public body |
3A.—(1) This section applies where the Minister, by notification in the Gazette, assigns a function or power under a provision of this Act (called in this section an incentive provision) to —| (a) | a public body for which the Minister is the responsible Minister; or | | (b) | a public body for which the Minister is not the responsible Minister, after consultation with the responsible Minister of the public body. |
| (2) Starting on the date the Minister assigns a function or power under an incentive provision to a public body in accordance with subsection (1), a reference to the Minister in that incentive provision includes a reference to the public body. |
| (3) An assignment by the Minister is subject to such limitations as the Minister may impose. |
| (4) The public body, when carrying out a function or exercising a power under an incentive provision, is treated as carrying out a function or exercising a power conferred on the public body under the Act that establishes it. |
| (5) The public body must carry out a function or exercise a power under an incentive provision in accordance with any directions given by the Minister. |
| (6) A member of the public body who is not from the public sector must not be involved in the carrying out of a function or the exercise of a power under an incentive provision by the public body. |
| (7) The public body must not delegate a function or power under an incentive provision to any of its members, or to any other person, who is not from the public sector. |
(8) Without affecting any obligation as to secrecy or other restriction against the disclosure of information imposed by any law or contract —| (a) | a member of the public body who is from the public sector; or | | (b) | a person to whom a function or power under an incentive provision has been delegated, |
| that receives or obtains information relating to a person for the purposes of an incentive provision, must not disclose or provide access to such information to a member of the public body, or any other person, who is not from the public sector. |
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(9) Subsection (8) does not apply to the following information:| (a) | information the disclosure of which has been approved by the Minister; | | (b) | information relating to a person —| (i) | for which consent for disclosure has been obtained from the person; or | | (ii) | that is already in the possession of the public body; |
| | (c) | information that is publicly available. |
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| (10) The public body may carry out a function or exercise a power under an incentive provision despite the absence of a quorum at any meeting of the public body because of subsection (6) or (8), and the absence of a quorum does not affect the validity of anything done by the public body at the meeting. |
| (11) An assignment of a function or power under an incentive provision in accordance with subsection (1) does not affect or prevent the carrying out of any function or exercise of any power by the Minister. |
(12) This section does not permit the assignment of —| (a) | any power to make subsidiary legislation; and | | (b) | the power in section 60(2). |
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| (13) To avoid doubt, this section applies in addition to, and not in derogation of, section 36 of the Interpretation Act 1965. |
(14) In this section —| (a) | a person is from the public sector if the person is a public officer or an employee of a public body; and | | (b) | “public body” and “responsible Minister”, in relation to a public body, have the meanings given by section 2(1) of the Public Sector (Governance) Act 2018. [Act 9 of 2022 wef 22/04/2022] |
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