(i) allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and (ii) any loss may be deducted under section 37. (9) In this section — period”, in relation to an approved international “approval growth company, means the period of its approval as such a company under subsection (3); period”, in relation to a qualifying activity “concessionary of an approved international growth company, means the concessionary period specified for that activity under subsection (4) or (5); growth company” a company “international incorporated and resident in Singapore which carries on, or which intends to carry on, a trade or business which involves — (a) the export of goods to a country outside Singapore; or (b) the performance of services in a country outside Singapore, whether or not it also carries on or intends to carry on any other trade or business; activity”, in relation to an approved “qualifying international growth company, a qualifying activity specified for the company under subsection (4) or (5).”. [1/4/15] Amendment of section 45 35.—(1) Section 45 of the principal Act is amended — (a) by deleting in subsections (1)(a)(i) and (2)(b) and “20%” substituting in each case “22%”; (b) by deleting the writing” in subsection (1)(b); “in
(i) allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and (ii) any loss may be deducted under section 37. (9) In this section — “approval period”, in relation to an approved international growth company, means the period of its approval as such a company under subsection (3); “concessionary period”, in relation to a qualifying activity of an approved international growth company, means the concessionary period specified for that activity under subsection (4) or (5); “international growth company” a company incorporated and resident in Singapore which carries on, or which intends to carry on, a trade or business which involves — (a) the export of goods to a country outside Singapore; or (b) the performance of services in a country outside Singapore, whether or not it also carries on or intends to carry on any other trade or business; “qualifying activity”, in relation to an approved international growth company, a qualifying activity specified for the company under subsection (4) or (5).”. [1/4/15] Amendment of section 45 35.—(1) Section 45 of the principal Act is amended — (a) by deleting “20%” in subsections (1)(a)(i) and (2)(b) and substituting in each case “22%”; (b) by deleting the “in writing” in subsection (1)(b);
ITA2015_Clause2to52.docx