Key Benefits:
where A
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is the statutory income of the company from Singapore dividend for that year of assessment;
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B
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is the aggregate of the statutory income of the company from each source of income subject to tax at the rate of 26% for that year of assessment:
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Provided that in computing the statutory income of the company from any trade, business, profession or vocation, there shall be deducted from such income —
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(i)
any loss deducted under section 37 of the Act in ascertaining the chargeable normal income of the company for that year of assessment; and
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(ii)
any normal investment allowance under Part X of the Economic Expansion Incentives (Relief from Income Tax) Act used for that year of assessment;
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C
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is the chargeable normal income for that year of assessment; and
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where X
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is the statutory income of the company from the trade, business, profession or vocation for that year of assessment which is attributable to Singapore dividend:
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Provided that in computing the statutory income of the company from the trade, business, profession or vocation, there shall be deducted from such income —
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(i)
any loss deducted under section 37 of the Act in ascertaining the chargeable normal income of the company for that year of assessment; and
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(ii)
Any normal investment allowance under Part X of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) used for that year of assessment;
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Y
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is the aggregate of the statutory income of the company from each source of income subject to tax at the rate of 26% for that year of assessment;
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Z
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is the chargeable normal income for that year of assessment.
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LEGISLATIVE HISTORY
This Legislative History is provided for the convenience of users of the Income Tax (Remission of Tax for Companies) Rules. It is not part of these Rules.
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1.
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Date of commencement
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:
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9 November 1999
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2.
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2001 Revised Edition—Income Tax (Remission of Tax for Companies) Rules
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Date of operation
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:
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31 January 2001
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