Singapore legislation
Clause 16
Clause 16
New section 14V
The principal Act is amended by inserting, immediately after section 14U, the following section:“Deduction for amortisation of intangible asset created under public-private partnership arrangement14V.—
Where —
a person provides services under a public-private partnership arrangement —
that is the subject of a contract entered into between the Government or any approved statutory body and any person; and
to which INT FRS 112 applies;
section 10F(1A) or (1C) applies to him in respect of those services;
the person recognises in his financial statements, prepared in accordance with INT FRS 112, an intangible asset as having been created in the course of providing the services; and
in accordance with FRS 38, amortisation of the asset is recognised in the person’s financial statements for the basis period for the year of assessment 2012 or any subsequent year of assessment,then the amount of the amortisation that is recognised in the person’s financial statements as an expense in accordance with FRS 38, shall be allowed to the person as a deduction against an amount that is deemed as income derived by that person for that basis period under section 10F(1A) or (1C).(2) In this section —“FRS 38” means the financial reporting standard known as Financial Reporting Standard 38 (Intangible Assets) issued by the Accounting Standards Council under the Accounting Standards Act;“INT FRS 112” has the same meaning as in section 10F.”.