Income Tax (Initial Allowance in respect of Shell Eastern Petroleum (Pte.) Ltd. Hydrocracker Project) Order

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as at 18 Nov 2024

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Income Tax Act

(CHAPTER 134, Section 19(1))

Income Tax (Initial Allowance in respect of Shell Eastern Petroleum (Pte.) Ltd. Hydrocracker Project) Order

O 1

REVISED EDITION 1990

(25th March 1992)

[19th January 1979]

Citation

1. This Order may be cited as the Income Tax (Initial Allowance in respect of Shell Eastern Petroleum (Pte.) Ltd. Hydrocracker Project) Order and shall apply from the year of assessment 1978.

Initial allowance

2. Subject to paragraph 3, the initial allowance to be made under section 19(1) of the Act in respect of Shell Eastern Petroleum (Pte.) Ltd.'s hydrocracker project shall be equal to 100% of the capital expenditure incurred on the provision of machinery or plant by Shell Eastern Petroleum (Pte.) Ltd. solely for the hydrocracker project.

Application of initial allowance

3.—(1) The initial allowance made under this Order shall apply only if —

(a)	the construction of buildings or structures and the installation of plant or machinery for the hydrocracker project are completed not later than the 31st December 1983; and
(b)	the total capital expenditure on industrial buildings or structures and on machinery or plant incurred by Shell Eastern Petroleum (Pte.) Ltd. on the hydrocracker project exceeds $300 million on 31st December 1983.

(2) The Minister may waive any of the conditions referred to in sub-paragraph (1).

Recovery of excess initial allowance

4. Where any of the conditions referred to in paragraph 3 is not satisfied and is not waived by the Minister, section 19A of the Act shall apply and the Comptroller shall be entitled to recover any initial allowance which has been made in excess of that allowable under that section.