Singapore legislation
Clause 21
Clause 21
Amendment of section 14DA
Section 14DA of the principal Act is amended —
by deleting the words “year of assessment 2015” where they first appear in subsections (1) and (12)(a)(ii) and substituting in each case the words “year of assessment 2025”;
by deleting the words “(being the basis period for any year of assessment between the year of assessment 2012 and the year of assessment 2015 (both years inclusive))” in paragraph (b) of the definition of V in subsection (1) and substituting the words “(being the basis period for the year of assessment 2012 or a subsequent year of assessment)”;
by inserting, immediately after the words “Subject to this section” in subsection (2), the words “and section 37IC”;
by deleting the words “year of assessment 2015” wherever they appear in subsections (2), (7) and (8) and substituting in each case the words “year of assessment 2018”;
by deleting the word “or” at the end of subsection (4)(d);
by deleting the full‑stop at the end of paragraph (e) of subsection (4) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(f)for the year of assessment 2016, $1,200,000;
for the year of assessment 2017, the balance after deducting from $1,200,000 the subsection (2) amount for the year of assessment 2016; or
for the year of assessment 2018, the balance after deducting from $1,200,000 the subsection (2) amount for the year of assessment 2016 and the subsection (2) amount for the year of assessment 2017.”;
by deleting the word “and” at the end of paragraph (d) of subsection (5), and by inserting immediately thereafter the following paragraphs:“(da)if the person does not carry on any trade or business during the basis period for any one year of assessment between the years of assessment 2016 and 2018 (both years inclusive), the references to “$1,200,000” in the paragraphs of that subsection applicable to the other 2 years of assessment shall be substituted with “$800,000”;
(db)if the person does not carry on any trade or business during the basis periods for any 2 years of assessment between the years of assessment 2016 and 2018 (both years inclusive), the reference to “$1,200,000” in the paragraph of that subsection applicable to the remaining year of assessment shall be substituted with “$400,000”;”; and
by deleting the full‑stop at the end of paragraph (e) of subsection (5) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(f)for the avoidance of doubt, no deduction shall be made from the substituted amount in subsection (4)(g) or (h) of the subsection (2) amount for the year of assessment 2016 if the person does not carry on any trade or business during the basis period for that year of assessment, and no deduction shall be made from the substituted amount in subsection (4)(h) of the subsection (2) amount for the year of assessment 2017 if the person does not carry on any trade or business during the basis period for that year of assessment.”.