Singapore legislation

Clause 29

of Income Tax (Amendment No. 3) Bill

Clause 29

Amendment of section 43

Section 43 of the principal Act is amended —

(a)

by deleting the words “and (ii)” in subsection (2A)(a)(iv) and substituting the words “, (ii) and (iii)”;

(b)

by inserting, immediately after sub‑paragraph (iv) of subsection (2A)(a), the following sub‑paragraph:“(v)rental support payment in relation to any immovable property, which is paid to the trustee by —

(A)

the person (A) who sold to the trustee the property or any interest in the owner of the property;

(B)

a person who wholly owns (directly or indirectly) A; or

(C)

any other person approved by the Comptroller;”;

(c)

by deleting the word “or” at the end of sub‑paragraph (ii) of subsection (2A)(b), and by inserting immediately thereafter the following sub‑paragraph:“(iii)rental support payment in relation to any immovable property, which is paid to the firstmentioned trustee by —

(A)

the person (A) who sold to that trustee the property or any interest in the owner of the property;

(B)

a person who wholly owns (directly or indirectly) A; or

(C)

any other person approved by the Comptroller; or”;

(d)

by deleting “(iv)” in subsection (2B)(a) and substituting “(v)”;

(e)

by deleting the words “and (iv)” in subsection (3B) and substituting the words “, (iv) and (v)”;

(f)

by deleting the full-stop at the end of the definition of “real estate investment trust” in subsection (10) and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “rental support payment”, in relation to immovable property, means any payment —

(a)

made under an agreement —

(i)

made at the time of the sale mentioned in subsection (2A)(a)(v)(A) or (b)(iii)(A); and

(ii)

that provides for such payment to be made only for a fixed period of time; and

(b)

that is intended to compensate a party to the agreement in the event that the amount of rental income from the property over a period of time is less than an amount agreed as the expected rental income for the same period, taking into account prevailing and forecasted market conditions at the time of that sale.”.

Clause 29 — Income Tax (Amendment No. 3) Bill | laws.sg