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Formal Consolidation |  Amended S 593/2009
Determination of income chargeable to tax
6.—(1)  For the purposes of regulation 5, the Comptroller shall determine —
(a)the income chargeable to tax of an approved global trading company having regard to such expenses, donations and allowances under section 19, 19A, 20, 21, 22 or 23 of the Act as are, in his opinion, to be deducted in ascertaining such income;
(b)the manner and extent to which any losses arising from the qualifying transactions and physical trading specified in that regulation may be deducted under section 37 ofthe Act in ascertaining the chargeable income of an approved global trading company; and
(c)the manner and extent to which income attributable to —
(i)storage in Singapore of the commodities specified by the Minister, or such person as he may appoint, under regulation 3(1); or
(ii)any activities carried out in Singapore which add value to such commodities by any physical alteration, addition or improvement (including refining, blending, processing or bulk-breaking),
should be excluded from the income referred to in regulation 5(1) and (3).
[S 593/2009 wef 24/05/2007]
(2)  For the purposes of paragraph (1) —
(a)where the income determined is in relation to any period before 3rd May 2002, the reference to section 19A of the Act shall be read as a reference to section 19A of the Act in force immediately before 3rd May 2002; and
(b)where the income determined is in relation to any period before the basis period for the year of assessment 2003 —
(i)the reference to section 23 of the Act shall be read as a reference to section 23 of the Act in force immediately before the basis period for the year of assessment 2003; and
(ii)the reference to section 37 of the Act shall be read as a reference to section 37 of the Act in force immediately before the basis period for the year of assessment 2003.
Informal Consolidation | Amended S 189/2008
Determination of income chargeable to tax
6.—(1)  For the purposes of regulation 5, the Comptroller shall determine —
(a)the income chargeable to tax of an approved global trading company having regard to such expenses, donations and allowances under section 19, 19A, 20, 21, 22 or 23 of the Act as are, in his opinion, to be deducted in ascertaining such income;
(b)the manner and extent to which any losses arising from the qualifying transactions and physical trading specified in that regulation may be deducted under the Act in ascertaining the chargeable income of an approved global trading company; and
(c)the manner and extent to which income attributable to —
(i)storage in Singapore of the commodities specified by the Minister, or such person as he may appoint, under regulation 3(1); or
(ii)any activities carried out in Singapore which add value to such commodities by any physical alteration, addition or improvement (including refining, blending, processing or bulk-breaking),
should be excluded from the income referred to in regulation 5(1) and (3).
[S 593/2009 wef 24/05/2007]
(2)  For the purposes of paragraph (1) —
(a)where the income determined is in relation to any period before 3rd May 2002, the reference to section 19A of the Act shall be read as a reference to section 19A of the Act in force immediately before 3rd May 2002; and
(b)where the income determined is in relation to any period before the basis period for the year of assessment 2003, the reference to section 23 of the Act shall be read as a reference to section 23 of the Act in force immediately before the basis period for the year of assessment 2003.
[S 189/2008 wef 02/04/2008]