Singapore legislation

Clause 30

Amendment of section 36

Section 36 of the principal Act is amended by inserting, immediately after subsection (1), the following subsections:“(1A) Sections 13H, 13S, 19B, 43Y and 43ZA shall apply to a partnership as they apply to a company with such modifications and exceptions as may be prescribed by the Minister by regulations.(1B) Sections 14E and 19C shall, notwithstanding anything in those sections, apply to a partnership with such modifications and exceptions as may be prescribed by the Minister by regulations.(1C) Regulations under subsections (1A) and (1B) may make provision ––

(a)

for the manner in which a concessionary rate of tax under sections 13H, 43Y and 43ZA may be accorded to a partner of a partnership being an individual;

(b)

in a case where any deduction, writing-down allowance, exemption or concessionary rate of tax ought not to have been allowed to a partner of a partnership due to non-compliance with any condition imposed on the partnership, for the recovery from the partner —

(i)

if the partner is a company, of the amount of tax which would otherwise have been payable; or

(ii)

if the partner is an individual, of an amount to be computed in the prescribed manner;

(c)

for the recovery of the amount referred to in paragraph (b) by deeming a specified amount as the income of the partner for the year of assessment in which the Comptroller discovers the non-compliance referred to in that paragraph; and

(d)

generally to give effect to or for carrying out the purposes of those sections as they apply to a partnership.”.

Read in full context — Income Tax (Amendment) Bill →