Which of the following statement describes the correct treatment for claiming exemption in the year of assessment 2024?
Peter and John incorporated XYZ Pte Ltd in 2021 which is in the business of selling apparels. On 10 June 2022, XYZ Pte Ltd incorporated a wholly owned subsidiary, ABC Pte Ltd to provide design services for apparels. All the board meetings of ABC Pte Ltd and XYZ Pte Ltd were held in Singapore and both entities have 31 December as their financial year end.
Which of the following statement describes the correct treatment for claiming exemption in the year of assessment 2024?
A. Both ABC Pte Ltd and XYZ Pte Ltd are eligible for the start-up tax exemption.
B. Only ABC Pte Ltd is eligible for the start-up tax exemption
C. OnlyXYZPteLtdiseligibleforthestart-up tax exemption
D. Both ABC Pte Ltd and XYZ Pte Ltd are not eligible for the start-up tax exemption.
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