Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order

Income Tax Act

(Chapter 134, Section 19(1))

Income Tax (Initial Allowance in respect of Bp Singapore Pte. Ltd., Caltex Operations Ltd.
and Singapore Petroleum Co. Pte. Ltd. Joint-venture Hydrocracker Complex)
Order

O 5

G.N. No. S 54/1985

REVISED EDITION 1990

(25th March 1992)

[8th March 1985]

Citation

1.  This Order may be cited as the Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order and shall have effect for the year of assessment 1985 and subsequent years of assessment.

Initial allowance

2.  Subject to paragraph 3, the initial allowance to be made under section 19(1) of the Act in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex shall be equal to 100% of the capital expenditure that is incurred by BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. on the provision of machinery and plant solely for the Hydrocracker Complex up to the time the Hydrocracker Complex starts operating.

Application of initial allowance

3.—(1)  The initial allowance made under this Order shall apply only if the construction of buildings or structures and the installation of machinery or plant for the Hydrocracker Complex are completed not later than 30th June 1986.

(2)  The Minister may waive the conditions specified in sub-paragraph (1).

Recovery of excess initial allowance

4.  Where the condition specified in paragraph 3 is not satisfied and is not waived by the Minister, section 19A of the Act shall apply and the Comptroller shall be entitled to recover any initial allowance which has been made in excess of that allowable under that section.

[G.N. No. S 54/85]

LEGISLATIVE HISTORY

Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order

 

This Legislative History is provided for the convenience of users of the Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order. It is not part of this Order.
1.	G. N. No. S 54/1985—Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order 1985
	Date of commencement	:	8 March 1985
2.	1990 Revised Edition—Income Tax (Initial Allowance in respect of BP Singapore Pte. Ltd., Caltex Operations Ltd. and Singapore Petroleum Co. Pte. Ltd. Joint-Venture Hydrocracker Complex) Order 1985
	Date of operation	:	25 March 1992