Clause 63

by deleting “(8F)” in section 15A(7) and substituting “(8FD)”;

by inserting, immediately after the words “or (d)” in section 15A(8B)(a), the words “that is made before 1 April 2016”;

by inserting, immediately after the words “or (c)” in section 15A(8B)(b), the words “, or an acquisition mentioned in subsection (5)(a) or (b) that is made on or after 1 April 2016”;

by inserting, immediately after subsection (8C) of section 15A, the following subsections:“(8CA) Subject to subsection (8CB), where the qualifying acquisitions in the financial year —

include an acquisition in subsection (5)(a) or (b) that is made on or after 1 April 2016; and

does not include an acquisition in subsection (3)(a) or (c), or an acquisition in subsection (5)(a), (b) or (d) that is made before 1 April 2016,the maximum amount of relief from duty allowed is $80,000.(8CB) Where the qualifying period is the financial year of the acquiring company and the financial year exceeds 12 months, the maximum amount of relief from duty to be allowed to the acquiring company with respect to all the acquisitions to which subsection (8CA) applies for each of the following periods must not exceed $80,000:

the first 12 months of that financial year;

the remaining period of that financial year.”;

by deleting subsection (8F) of section 15A and substituting the following subsections:“(8F) For the purposes of subsection (8CA), where subsection (6)(c) applies, the qualifying acquisitions to which subsection (8CA) applies are treated as occurring in the financial year of the acquiring company in which the acquisitions referred to in subsection (8CA)(a) occur.(8FA) Subject to subsection (8FB), where the qualifying acquisitions in the financial year —

include an acquisition in subsection (3)(a) or (c); and

include an acquisition in subsection (5)(a), (b) or (d),the maximum amount of relief from duty allowed is an amount computed by the formula:where Ais the lesser of —

the total amount of ad valorem stamp duty chargeable on every one of those qualifying acquisitions that is —

an acquisition in subsection (3)(a); (B)an acquisition in subsection (3)(d) that relates to an acquisition in sub‑paragraph (A) and to the same target company; (C)an acquisition in subsection (3)(c); or (D)an acquisition in subsection (3)(e) that relates to an acquisition in sub‑paragraph (C) and to the same target company; and (ii)$200,000;Bis the lesser of —

the total amount of ad valorem stamp duty chargeable on every one of those qualifying acquisitions that is —

an acquisition in subsection (5)(a) that is made before 1 April 2016; (B)an acquisition in subsection (5)(b) that is made before 1 April 2016; (C)an acquisition in subsection (5)(c) that relates to an acquisition in sub‑paragraph (A) or (B) and to the same target company; (D)an acquisition in subsection (5)(d); or (E)an acquisition in subsection (5)(e) that relates to an acquisition in sub‑paragraph (D) and to the same target company; and (ii)the balance after deducting A from $40,000 or, if the balance is negative, zero; andCis the lesser of —

the total amount of ad valorem stamp duty chargeable on every one of those qualifying acquisitions that is —

an acquisition in subsection (5)(a) that is made on or after 1 April 2016; (B)an acquisition in subsection (5)(b) that is made on or after 1 April 2016; or (C)an acquisition in subsection (5)(c) that relates to an acquisition in sub‑paragraph (A) or (B) and to the same target company; and (ii)the balance after deducting A and B from $80,000 or, if the balance is negative, zero.(8FB) Where the qualifying period is the financial year of the acquiring company and the financial year exceeds 12 months, the maximum amount of relief from duty to be allowed to the acquiring company with respect to all the acquisitions to which subsection (8FA) applies must not exceed the maximum amount of relief from duty under that subsection for each of the following periods:

the first 12 months of that financial year;

the remaining period of that financial year.(8FC) Subject to subsection (8FD), where the qualifying acquisitions in the financial year —

include an acquisition in subsection (5)(a), (b) or (d) made before 1 April 2016;

include an acquisition in subsection (5)(a) or (b) made on or after 1 April 2016; and

does not include an acquisition in subsection (3)(a) or (c),the maximum amount of relief from duty allowed is an amount computed by the formulawhere Ais the lesser of —

the total amount of ad valorem stamp duty chargeable on every one of those qualifying acquisitions that is —

an acquisition in subsection (5)(a) that is made before 1 April 2016; (B)an acquisition in subsection (5)(b) that is made before 1 April 2016; (C)an acquisition in subsection (5)(c) that relates to an acquisition in sub‑paragraph (A) or (B) and to the same target company; (D)an acquisition in subsection (5)(d); or (E)an acquisition in subsection (5)(e) that relates to an acquisition in sub‑paragraph (D) and to the same target company; and (ii)$40,000; andBis the lesser of —

the total amount of ad valorem stamp duty chargeable on every one of those qualifying acquisitions that is —

an acquisition in subsection (5)(a) that is made on or after 1 April 2016; (B)an acquisition in subsection (5)(b) that is made on or after 1 April 2016; (C)an acquisition in subsection (5)(c) that relates to an acquisition in sub‑paragraph (A) or (B) and to the same target company; and (ii)the balance after deducting A from $80,000.(8FD) Where the qualifying period is the financial year of the acquiring company and the financial year exceeds 12 months, the maximum amount of relief from duty to be allowed to the acquiring company with respect to all the acquisitions to which subsection (8FC) applies must not exceed the maximum amount of relief from duty under that subsection for each of the following periods:

the first 12 months of that financial year;

the remaining period of that financial year.”;

by deleting “(8F)” in section 15A(8G) and substituting “(8FD)”;

by deleting subsection (3) of section 65 and substituting the following subsections:“(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.(3A) Any person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.”;

by deleting subsection (1) of section 70C and substituting the following subsection:“(1) For the purposes of this Act, the Commissioner may by notice require any person to attend personally before the Commissioner or an authorised officer, at a place and time specified in the notice, to do one or both of the following:

provide, to the best of that person’s knowledge, information and belief, any information concerning the liability of any instrument to duty;

produce for examination any instrument, book, document, account or other record (each called in this section a record) concerning such liability.”;

by deleting the words “, instruments, books, documents and other records” in section 70C(3) and substituting the words “and records”;

by deleting the words “instruments, books, documents, accounts or” in section 70C(3);

by inserting, immediately after subsection (3) of section 70C, the following subsection:“(3A) In addition to the powers under subsection (3), the Commissioner may also require a person in or at the building or place and who appears to the Commissioner to be acquainted with any facts or circumstances concerning the liability of any instrument to duty —

to answer any question to the best of that person’s knowledge, information and belief; or

take reasonable steps to produce any record for examination.”;

by deleting the words “may take possession of any such instrument, book, document, account or record” in section 70C(4) and substituting the words “or the authorised officer may take possession of any record produced in purported compliance with a requirement under subsection (1) or (3A), or which the Commissioner finds in the building or place under subsection (3),”;

by deleting the words “instrument, book, document, account or” in section 70C(4)(b) and (c);

by inserting, immediately after subsection (4) of section 70C, the following subsection:“(4A) A statement made by any person asked when in attendance before the Commissioner or an authorised officer under subsection (1), or under subsection (3A), must —

be reduced to writing;

be read over to the person;

if the person does not understand English, be interpreted for the person in a language that the person understands; and

be signed by the person.”;

by inserting, immediately after the words “The Commissioner may” in section 70C(5), the words “by notice”;

by deleting subsection (6) of section 70C and substituting the following subsections:“(6) The power to require a person to provide information or produce a record under subsection (3A) or (5), or when in attendance before the Commissioner or an authorised officer pursuant to a notice under subsection (1), includes the power —

to require that person, or any person who is or was an officer or employee of that person, to provide an explanation of the information or record;

if the information is not provided or the record is not produced, to require that person to state, to the best of the person’s knowledge and belief, where it is; and

if the information is recorded otherwise than in legible form, to require the information to be made available to the Comptroller or authorised officer (as the case may be) in legible form.(6A) Any person who, without reasonable excuse, fails, neglects or refuses to comply with —

a notice or requirement of the Commissioner under this section; or

a demand by the Commissioner or an authorised officer to answer a question when in attendance before the Commissioner or officer pursuant to a notice under subsection (1),shall be guilty of an offence, and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part of a day during which the offence continues after conviction.(6B) In this section, “authorised officer” means any Deputy Commissioner of Stamp Duties and any officer of the Inland Revenue Authority of Singapore assisting the Commissioner in the administration of this Act.”; and

by inserting, immediately after the word “record” in the section heading of section 70C, the words “, or to obtain information”.