§ 92B — Cash grant for companies for year of assessment 2011

92B.—(1) Where a company has made a contribution to the Central Provident Fund in respect of any of its employees during the basis period for the year of assessment 2011, and —(a)

the company is not liable to pay tax for the year of assessment 2011;

(b)

the specified amount is greater than 20% of the tax payable by the company for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B)); or

(c)

the company makes a written election for a cash grant under this section in lieu of the remission under section 92A, and the Comptroller is satisfied that the cash grant would be more beneficial to the company than the remission,

then there is, in lieu of the remission of tax under section 92A, to be made to the company for the year of assessment 2011 a cash grant of the specified amount.

(2) The election under subsection (1)(c) must be made to the Comptroller at the time the company furnishes a return of its income for the year of assessment 2011 or within such further time as the Comptroller may allow.

(3) The cash grant under subsection (1) is exempt from tax in the hands of the company.

(4) Where a company receives a cash grant under subsection (1) —(a)

without having satisfied all the requirements in this section; or

(b)

that is in excess of that which may be given to it under this section,

the amount of the cash grant or the excess amount of the cash grant (as the case may be) is recoverable by the Comptroller from the company as a debt due to the Government.

(5) The Comptroller must send the company a notice specifying the amount to be repaid under subsection (4), and the company must pay the amount at the place stated in the notice within one month after the service of the notice.

(6) The Comptroller may, in his or her discretion and subject to such terms and conditions as the Comptroller may impose, extend the time limit within which payment under subsection (5) is to be made.

(7) Sections 86(1) to (6), 87(1) and (2), 89, 90 and 91 apply to the collection and recovery by the Comptroller of the amounts recoverable under subsection (5) as they apply to the collection and recovery of tax.

(8) Where any tax, duty, interest or penalty is due by the company —(a)

under this Act to the Comptroller of Income Tax;

(b)

under the Goods and Services Tax Act 1993 to the Comptroller of Goods and Services Tax;

(c)

under the Property Tax Act 1960 to the Comptroller of Property Tax; or

(d)

under the Stamp Duties Act 1929 to the Commissioner of Stamp Duties,

then the amount of cash grant made by the Comptroller to the company must be reduced by the amount so due; and the amount of the reduction is deemed to be tax, duty, interest or penalty paid by the company under the relevant Act and must (if it is due under an Act other than this Act) be paid by the Comptroller to the Comptroller of Goods and Services Tax, the Comptroller of Property Tax or the Commissioner of Stamp Duties, as the case may be.

(9) In this section, “specified amount” means —(a)

5% of the gross amount of the income derived by a company from its principal activities in the basis period for the year of assessment 2011; or

(b)

$5,000,

whichever is the lower.

—(1) Where a company has made a contribution to the Central Provident Fund in respect of any of its employees during the basis period for the year of assessment 2011, and —(a)

the company is not liable to pay tax for the year of assessment 2011;

(b)

the specified amount is greater than 20% of the tax payable by the company for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B)); or

(c)

the company makes a written election for a cash grant under this section in lieu of the remission under section 92A, and the Comptroller is satisfied that the cash grant would be more beneficial to the company than the remission,

then there is, in lieu of the remission of tax under section 92A, to be made to the company for the year of assessment 2011 a cash grant of the specified amount.

(2) The election under subsection (1)(c) must be made to the Comptroller at the time the company furnishes a return of its income for the year of assessment 2011 or within such further time as the Comptroller may allow.

(3) The cash grant under subsection (1) is exempt from tax in the hands of the company.

(4) Where a company receives a cash grant under subsection (1) —(a)

without having satisfied all the requirements in this section; or

(b)

that is in excess of that which may be given to it under this section,

the amount of the cash grant or the excess amount of the cash grant (as the case may be) is recoverable by the Comptroller from the company as a debt due to the Government.

(5) The Comptroller must send the company a notice specifying the amount to be repaid under subsection (4), and the company must pay the amount at the place stated in the notice within one month after the service of the notice.

(6) The Comptroller may, in his or her discretion and subject to such terms and conditions as the Comptroller may impose, extend the time limit within which payment under subsection (5) is to be made.

(7) Sections 86(1) to (6), 87(1) and (2), 89, 90 and 91 apply to the collection and recovery by the Comptroller of the amounts recoverable under subsection (5) as they apply to the collection and recovery of tax.

(8) Where any tax, duty, interest or penalty is due by the company —(a)

under this Act to the Comptroller of Income Tax;

(b)

under the Goods and Services Tax Act 1993 to the Comptroller of Goods and Services Tax;

(c)

under the Property Tax Act 1960 to the Comptroller of Property Tax; or

(d)

under the Stamp Duties Act 1929 to the Commissioner of Stamp Duties,

then the amount of cash grant made by the Comptroller to the company must be reduced by the amount so due; and the amount of the reduction is deemed to be tax, duty, interest or penalty paid by the company under the relevant Act and must (if it is due under an Act other than this Act) be paid by the Comptroller to the Comptroller of Goods and Services Tax, the Comptroller of Property Tax or the Commissioner of Stamp Duties, as the case may be.

(9) In this section, “specified amount” means —(a)

5% of the gross amount of the income derived by a company from its principal activities in the basis period for the year of assessment 2011; or

(b)

$5,000,

whichever is the lower.