| Modifications to section 37H of Act (Productivity and Innovation Credit bonus) |
| 11B. Where the date of amalgamation falls within the basis period for the year of assessment 2013, 2014 or 2015, then, for the purposes of computing the amount of PIC bonus to be given under section 37H of the Act to the amalgamated company for that year of assessment, the reference to $15,000 in section 37H(2)(b) and (4)(b) of the Act is a reference to the amount computed in accordance with the formula $15,000 – Z, where Z is the total of every amount of PIC expenditure incurred by an amalgamating company during the basis period for any year of assessment for which a PIC bonus has been given to the amalgamating company under section 37H of the Act. [S 170/2022 wef 28/11/2013] [S 170/2022 wef 31/12/2021] |