TAX UPDATES AND DEVELOPMENT 1.1 INCOME TAX (EXEMPTION) (NO. 9) ORDER 2013 [P.U. (A) 88/2013] The Order prescribes that with effect from year of assessment 2013 and subsequent years of assessment, a qualifying lender is exempted from payment of income tax for three (3) consecutive years of assessment in respect of its statutory income derived from interest related to the business of giving loan to the rescuing contractor or developer of a qualifying abandoned project. In this Order, “rescuing contractor or developer” means a contractor or developer who is appointed or approved by the Minister of Housing and Local Government to carry on rehabilitation works for the abandoned project. “loan” means a loan granted by a bank or a financial institution to finance the abandoned project. “abandoned project” means a project which is certified by the Minister of Housing and Local Government as abandoned project pursuant to paragraph 11(1)(ca) of the Housing Development (Control and Licensing) Act 1966. The Order is attached for members’ attention.
Posted on: Sun, 23 Jun 2013 05:50:52 +0000
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