| Income Tax Act |
(Chapter 134, Section 19(1))
| Income Tax (Initial Allowance in respect of Bp Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-venture Hydrocracker Complex) Order |
| O 5 |
| G.N. No. S 54/1985 |
| REVISED EDITION 1990 |
| (25th March 1992) |
| [8th March 1985] |
| Citation |
| 1. This Order may be cited as the Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order and shall have effect for the year of assessment 1985 and subsequent years of assessment. |
| Initial allowance |
| 2. Subject to paragraph 3, the initial allowance to be made under section 19(1) of the Act in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex shall be equal to 100% of the capital expenditure that is incurred by BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. on the provision of machinery and plant solely for the Hydrocracker Complex up to the time the Hydrocracker Complex starts operating. |
| Application of initial allowance |
| Recovery of excess initial allowance |
| 4. Where the condition specified 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. |
[G.N. No. S 54/85]