Singapore legislation

Clause 10

Amendment of section 13CA

Section 13CA of the principal Act is amended —

(a)

by deleting subsection (1A) and substituting the following subsection:“(1A) The Minister shall not prescribe the following as prescribed persons for the purposes of subsection (1):

(a)

the trustee of a pension or provident fund constituted as a trust and approved under section 5;

(b)

the trustee of a designated unit trust referred to in section 35(14);

(c)

the trustee of a real estate investment trust within the meaning of section 43(10);

(d)

a company or trustee of a trust fund which is an approved person within the meaning of section 13X.”;

(b)

by inserting, immediately after subsection (7A), the following subsection:“(7B) The Minister or such person as he may appoint may at any time, in the discretion of the Minister or person and subject to such conditions as the Minister or person may impose, remit or refund, wholly or in part, the penalty that is payable or paid by a person under subsection (2), (4) or (6); and section 92(2B) to (2E) shall, with the necessary modifications, apply to any non‑compliance with any such condition as they apply to the non-compliance with a condition imposed under section 92(2).”;

(c)

by deleting the definition of “value” in subsection (9) and substituting the following definition:“ “value” —

(a)

in relation to issued securities of a company other than those prescribed under paragraph (c) of the definition of “issued securities”, means —

(i)

where the relevant day is before 1st April 2014, the value of those securities at the time of their issue by the company; and

(ii)

where the relevant day falls on or after 1st April 2014, the net asset value of those securities as at the relevant day; or

(b)

in relation to issued securities of a company prescribed under paragraph (c) of the definition of “issued securities”, means —

(i)

where the relevant day is before 1st April 2014, the value of those securities at the prescribed time; and

(ii)

where the relevant day falls on or after 1st April 2014, the net asset value of those securities as at the relevant day.”; and

(d)

by deleting the words “1st April 2014” in subsection (10)(a) and (b)(i) and substituting in each case the words “1st April 2019”.

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