Singapore legislation

Clause 24

of Income Tax (Amendment) Bill

Clause 24

Amendment of section 37C

Section 37C of the principal Act is amended —

(a)

by deleting the words “ordinary share capital” in subsections (3)(a) and (b) and (4) and substituting in each case the words “total number of issued ordinary shares”;

(b)

by deleting the word “is” in subsection (3)(a) and (b) and substituting in each case the word “are”;

(c)

by deleting the words “share capital” in the 2nd, 4th and 9th lines of subsection (5) and substituting in each case the words “total number of issued ordinary shares”;

(d)

by deleting the words “share capital” in the 6th and 11th lines of subsection (5) and substituting in each case the words “number of issued ordinary shares”;

(e)

by inserting, immediately after the words “such fraction” in the 7th and penultimate lines of subsection (5), the words “of the total number”;

(f)

by deleting the words “or (6)” in subsection (14)(c);

(g)

by inserting, immediately after the words “other than” in the definition of “ordinary share” in subsection (19), the words “a treasury share or”;

(h)

by deleting the word “nominal” in paragraph (a) of the definition of “ordinary share” in subsection (19);

(i)

by deleting the definition of “ordinary share capital” in subsection (19); and

(j)

by deleting the word “nominal” in paragraph (a) of the definition of “residual profits” in subsection (19).