Singapore legislation

Clause 13

Amendment of section 13O

Section 13O of the principal Act is amended —

(a)

by deleting sub-paragraph (iii) of paragraph (b) of the definition of “foreign account” in subsection (3) and substituting the following sub‑paragraph:“(iii)does not in the basis period —

(A)

in the case of any year of assessment before 2021, carry on a business in Singapore; or

(B)

in the case of the year of assessment 2021 or a subsequent year of assessment, carry on a business in Singapore or outside Singapore;”;

(b)

by deleting sub-paragraph (B) of paragraph (b)(v) of the definition of “foreign account” in subsection (3) and substituting the following sub‑paragraph:“(B)carries on in the basis period —

(BA)in the case of any year of assessment before 2021, a business in Singapore; or

(BB)in the case of the year of assessment 2021 or a subsequent year of assessment, a business in Singapore or outside Singapore; or”;

(c)

by deleting the words “1st April 2019” in subsections (5)(a), (b), (c)(i) and (d)(i), (6) and (8) and substituting in each case the words “1 January 2025”; and (d)by deleting the words “31st March 2019” in subsection (5)(c)(ii) and (d)(ii) and substituting in each case the words “31 December 2024”.

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