14 February 2012

Regulation 2(1) of the Income Tax (Land Intensification Allowance) Regulations 2012 (G.N.  No. S 28/2012) is amended by deleting the words ‘‘more than 80%’’ in sub-paragraph (b) and substituting the words ‘‘at least 80%’’.

The wording of the Regulation now reads as:

Intensified use of land for trade or business

2.—(1) The construction or renovation of any building or structure on industrial land promotes the intensified use of the land for a trade or business for the purposes of section 18C(2) of the Act if, following the construction or renovation:

(a)  the building or structure meets the relevant gross plot ratio benchmark for the trade or business specified in the Schedule;  and

(b)  at least 80% of the total floor area of the building or structure is used by any one person or partnership for the trade or business.

The Regulations contain:

• Qualifying conditions where the construction or renovation of any building or structure on industrial land is considered to be promoting the intensified use of the land for a trade or business for the purposes of section 18C(2) of the Act
• Schedule of “Gross Plot Ratio Benchmark”.

Source: e-Gazette