Clause 2

by deleting paragraphs (i) and (ii) of subsection (3) and substituting the following paragraphs:“(i)become payable by the transferee entity to the Commissioner immediately; and

be recoverable from that entity as a debt due to the Government, together with interest thereon at the rate of 6% per annum —

if the instrument is executed by any person in Singapore, from the date of its execution; or

if the instrument is executed outside Singapore, from the date the instrument is first received in Singapore.”; and

by inserting, immediately after subsection (3), the following subsections:“(3A) The amount recoverable under subsection (3) shall be payable at the place stated in a notice served by the Commissioner on the entity, within one month after the service of the notice by the Commissioner on that entity.(3B) If any amount recoverable from the entity under subsection (3) is not paid within the period specified in subsection (3A), the following penalties shall be imposed on the entity:

where the outstanding amount is paid to the Commissioner within 3 months from the expiration of such period, a penalty of $10 or the outstanding amount, whichever is the greater; and

where the outstanding amount is not paid to the Commissioner within 3 months from the expiration of such period, a penalty of $25 or 4 times the outstanding amount, whichever is the greater. (3C) The Commissioner may reduce or remit any penalty imposed under this section.(3D) Sections 50 and 70AA shall apply to the collection and recovery by the Commissioner of the amount recoverable under subsection (3) and any penalty imposed under subsection (3B) as they apply to the collection and recovery of duty and penalty required to be paid under this Act.”.