Submission Deadline for Tax Incentives for Prescribed Activities in the East Coast Economic Region Extended
10 November 2023
The deadline for submitting an application for tax incentives under the following subsidiary legislation in relation to the conduct of a qualifying activity or a prescribed activity in the East Coast Economic Region has been extended to 31 December 2024:
- Income Tax (Exemption) (No. 4) Order 20161 [P.U.(A) 157/2016];
- Income Tax (Exemption) (No. 5) Order 20162 [P.U.(A) 158/2016];
- Income Tax (Exemption) (No. 6) Order 20163 [P.U.(A) 159/2016];
- Income Tax (Exemption) (No. 7) Order 20164 [P.U.(A) 160/2016];
- Income Tax (Exemption) (No. 8) Order 20165 [P.U.(A) 161/2016];
- Income Tax (Exemption) (No. 9) Order 20166 [P.U.(A) 162/2016];
- Income Tax (Deduction for the Sponsorship of Hallmark Event) Rules 20167 [P.U.(A) 165/2016]; and
- Income Tax (Deduction for Investment in Qualifying Activity) Rules 20168 [P.U.(A) 166/2016].
In addition, the Stamp Duty (Exemption) (No. 2) Order 2016
9 [P.U.(A) 164/2016] which exempts from stamp duty any instrument chargeable with
ad valorem stamp duty for the transfer of real property or lease of land or building to be used for the purposes of carrying on a qualifying activity has been amended so that the deadline for the execution of such instrument is 31 December 2024 instead of 31 December 2022.
Our summary of the subsidiary legislation referred to in paragraphs 1 to 8 above can be accessed
here and
here.
Alert by Tan Wei Liang (Senior Associate) of the Corporate Practice of Skrine.
1 The extension is made pursuant to the Income Tax (Exemption) (No. 4) 2016 (Amendment) Order 2023 [P.U.(A) 344/2023] gazetted on 9 November 2023.
2 The extension is made pursuant to the Income Tax (Exemption) (No. 5) 2016 (Amendment) Order 2023 [P.U.(A) 345/2023] gazetted on 9 November 2023.
3 The extension is made pursuant to the Income Tax (Exemption) (No. 6) 2016 (Amendment) Order 2023 [P.U.(A) 346/2023] gazetted on 9 November 2023.
4 The extension is made pursuant to the Income Tax (Exemption) (No. 7) 2016 (Amendment) Order 2023 [P.U.(A) 347/2023] gazetted on 9 November 2023.
5 The extension is made pursuant to the Income Tax (Exemption) (No. 8) 2016 (Amendment) Order 2023 [P.U.(A) 348/2023] gazetted on 9 November 2023.
6 The extension is made pursuant to the Income Tax (Exemption) (No. 9) 2016 (Amendment) Order 2023 [P.U.(A) 349/2023] gazetted on 9 November 2023.
7 The extension is made pursuant to the Income Tax (Deduction for the Sponsorship of Hallmark Event) (Amendment) Rules 2023 [P.U.(A) 351/2023] gazetted on 9 November 2023.
8 The extension is made pursuant to the Income Tax (Deduction for Investment in Qualifying Activity) (Amendment) Rules 2023 [P.U.(A) 352/2023] gazetted on 9 November 2023.
9 The extension is made pursuant to the Stamp Duty (Exemption) (No. 2) 2016 (Amendment) Order 2023 [P.U.(A) 350/2023] gazetted on 9 November 2023.
This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.