Clause 59

by deleting the words “tax payable,” in subsection (2) and substituting the words “tax payable, tax to be refunded as a result of the operation of section 46 or notional tax benefit,”;

by inserting, immediately after the word “assessment” in subsection (4), the words “(including the amount of any unabsorbed losses, allowances or donations that may be carried forward)”; and

by inserting, immediately after subsection (6), the following subsection:“(7) In this section, “notional tax benefit”, in relation to a year of assessment, means an amount ascertained in accordance with the formulawhere A1is the amount of unabsorbed losses as at the end of the basis period for the year of assessment claimed by a person;A2is the amount of unabsorbed allowances under section 16, 17, 18B, 18C, 19, 19A, 19B, 19C, 19D or 20 claimed by the person for the year of assessment;A3is the amount of unabsorbed donations as at the end of the basis period for the year of assessment claimed by the person;B1is the amount of unabsorbed losses as at the end of the basis period for the year of assessment as determined by the Comptroller;B2is the amount of unabsorbed allowances under section 16, 17, 18B, 18C, 19, 19A, 19B, 19C, 19D or 20 for the year of assessment as determined by the Comptroller;B3is the amount of unabsorbed donations as at the end of the basis period for the year of assessment as determined by the Comptroller; andCis —

in the case of an individual resident in Singapore, the highest rate of tax specified in Part A of the Second Schedule in respect of the year of assessment; and

in any other case, the rate of tax applicable to the person for the year of assessment as specified in section 43(1).””