Income Tax (Amalgamation of Companies) Regulations 2011

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1 Citation and commencement

3 Modification or exception to Act or Economic Expansion Incentives (Relief from Income Tax) Act for deductions, allowances and writing-down allowances claimable for more than one year of assessment

4 Modification or exception to section 13A of Act (Exemption of shipping profits)

5 Modification or exception to section 13M of Act (Equity remuneration incentive scheme (start-ups))

5A Modifications to section 13Z of Act (Exemption of gains or profits from disposal of ordinary shares)

5B Modifications to provisions of Act in relation to Productivity and Innovation Credit Scheme

5C Modifications to section 14B of Act (Further deduction for expenses relating to approved trade fairs, exhibitions or trade missions or to maintenance of overseas trade office)

5D Modifications to section 14K of Act (Further or double deduction for overseas investment development expenditure)

5E Modifications to section 14KA of Act (Further or double deduction for salary expenditure for employees posted overseas)

6 Modification or exception to section 14M of Act (Deduction for hotel refurbishment expenditure)

7 Modification or exception to section 14Q of Act (Deduction for renovation or refurbishment expenditure)

8 Modification or exception to sections 23 (Carry forward of allowances) and 37 of Act (Assessable income)

8A Modifications to section 37M of Act (Treatment of unabsorbed donations attributable to exempt income)

9 Modification or exception to section 37C of Act (Group relief for Singapore companies)

10 Modification or exception to section 37G of Act (Deduction for incremental expenditure on research and development)

11 Modification or exception to section 37H of Act (Cash grant for research and development expenditure for start-up company)

11A Modifications to section 37I of Act (Cash payout under Productivity and Innovation Credit Scheme)

11B Modifications to section 37IA of Act (Productivity and Innovation Credit bonus)

12 Modification or exception to section 43I of Act (Concessionary rate of tax for offshore leasing of machinery and plant)

12A Interpretation of this Division

12B Treatment of deduction under section 37L of Act (Deduction for acquisition of shares of companies) to which amalgamating company which has ceased to exist is entitled

12C Modification of section 37L of Act when target company is another amalgamating company which ceases to exist after amalgamation

12D Treatment of unabsorbed deduction under section 37L of Act of amalgamating company which ceases to exist

12E Modifications of section 37L of Act when amalgamated company incurs contingent consideration for acquisition by amalgamating company

12F Modification to cap on deduction allowable to amalgamated company in respect of capital expenditure under section 37L of Act

12G Modification to cap on deduction allowable to amalgamated company in respect of transaction costs under section 37L of Act

13 Modification or exception to sections 69 to 71 of Economic Expansion Incentives (Relief from Income Tax) Act (Investment allowance)

13A Modification to sections 97ZD to 97ZH of Economic Expansion Incentives (Relief from Income Tax) Act (Integrated investment allowance)

14 Prescribed period for purposes of section 34C of Act (Amalgamation of Companies) read with section 43 of Act (Rate of tax upon companies and others)

15 Functional currency of amalgamating company and amalgamated company

No. S 154

Income Tax Act

(Chapter 134)

Income Tax (Amalgamation of Companies) Regulations 2011

In exercise of the powers conferred by section 34C of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

PART I

GENERAL

Citation and commencement

1. These Regulations may be cited as the Income Tax (Amalgamation of Companies) Regulations 2011 and shall be deemed to have come into operation on 22nd January 2009.

Definitions

2. In these Regulations, references to an amalgamated company and to an amalgamating company are references to an amalgamated company and an amalgamating company, respectively, in the same qualifying amalgamation referred to in section 34C of the Act.

Made this 8th day of March 2011.

CHAN LAI FUNG

Permanent Secretary
(Finance) (Performance),
Ministry of Finance,
Singapore.

[MFR 32.7.2617 Vol. 3; AG/LLRD/SL/134/2010/3 Vol. 1]

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