Clause 37

by inserting, immediately after subsection (2), the following subsections:“(2A) Despite subsection (1), an assessment under that subsection may be made at any time if it is carried out pursuant to an agreement with an authority of a country outside Singapore, that is made in accordance with the procedure under an avoidance of double taxation arrangement with the government of that country, for resolving difficulties arising out of the application of that arrangement (commonly called a mutual agreement procedure).(2B) Subsection (2A) does not apply to an agreement with an authority of the country outside Singapore on the transfer pricing criteria to be used in relation to a person’s transactions with the person’s related parties over a specified period (commonly called an advance pricing arrangement).”; and

by inserting, immediately after subsection (4), the following subsections:“(5) To avoid doubt, the Comptroller may also make an assessment under this section on a person in a case where —

the Comptroller made an advance assessment on the person for a year of assessment; and

because of a subsequent amendment to any written law that applies retroactively to that year of assessment, the person becomes liable to a higher amount of tax.(6) In this section —“avoidance of double taxation arrangement” means an arrangement having effect under section 49;“related party” has the same meaning as in section 13(16).”.