Refund for energy conservation
8.—(1)  Subject to this section where any person, being the owner of any premises in a centrally air-conditioned commercial building, has incurred any approved expenditure in relation to that building when occupying those premises for residential purposes or when those premises are vacant, there shall be allowed a refund of tax paid in respect of those premises for the year in which the claim for refund is made of an amount equal to 40% of that expenditure (referred to in this Act as the refundable expenditure).
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(2)  Where in any year in which the claim for refund is made, full effect cannot be given to any refundable expenditure by reason of insufficiency of tax paid for that year, the balance of the refundable expenditure shall be refunded from the tax paid by him in respect of those premises for the next succeeding year and so on for the subsequent years until the refundable expenditure has been refunded in full.
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(3)  No refund under this section shall be allowed where the person claiming the refund is entitled to claim a deduction under section 14G of the Income Tax Act (Cap. 134) in respect of the same expenditure.
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(4)  For the purposes of this section, “approved expenditure”, in relation to a commercial building, means any expenditure approved by the Minister or such person as he may appoint and incurred in effecting, for the purposes of energy conservation, alteration of the building which results in a reduction of the overall thermal transfer value of the building to 45 watts per square metre or less, and in connection therewith, any alteration of the central air-conditioning plant of the building which results in an improvement to the coefficient of performance of the plant.
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