Singapore legislation

Clause 20

of Income Tax (Amendment) Bill

Clause 20

Amendment of section 14V

Section 14V of the principal Act is amended —

(a)

by inserting, immediately after “INT FRS 112” in subsection (1)(a)(ii), the words “or SFRS(I) INT 12”;

(b)

by inserting, immediately after “INT FRS 112” in subsection (1)(c), the words “or SFRS(I) INT 12 (as the case may be)”;

(c)

by inserting, immediately after “FRS 38” wherever they appear in subsection (1), the words “or SFRS(I) 1‑38 (as the case may be)”; and

(d)

by deleting subsection (2) and substituting the following subsection:“(2) In this section —“FRS 38” and “SFRS(I) 1‑38” mean the financial reporting standards known respectively as —

(a)

Financial Reporting Standard 38 (Intangible Assets); and

(b)

Singapore Financial Reporting Standard (International) 1‑38 (Intangible Assets),that are made by the Accounting Standards Council under Part III of the Accounting Standards Act, as amended from time to time;“INT FRS 112” and “SFRS(I) INT 12” have the meanings given to those expressions in section 10F(2).”.

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