Clause 28

by deleting the words “FRS 28, or SFRS for Small Entities, as amended from time to time” in subsection (16E) and substituting the words “FRS 28, SFRS(I) 1‑28, or SFRS for Small Entities”;

by deleting subsection (16F) and substituting the following subsection:“(16F) In subsection (16E), “FRS 28”, “SFRS(I) 1‑28” and “SFRS for Small Entities” mean the financial reporting standards known respectively as —

Financial Reporting Standard 28 (Investments in Associates and Joint Ventures);

Singapore Financial Reporting Standard (International) 1‑28 (Investments in Associates and Joint Ventures); and

Singapore Financial Reporting Standard for Small Entities,that are made by the Accounting Standards Council under Part III of the Accounting Standards Act, as amended from time to time.”; and

by inserting, immediately after subsection (19A), the following subsections:“(19B) If —

any requirement under subsections (16A)(d) and (17)(e) has been waived (whether before, on or after the date the Income Tax (Amendment) Act 2019 is published in the Gazette) for an acquiring company in respect of any qualifying acquisition under subsection (19A); and

the acquiring company fails to comply with a condition subsequent imposed under subsection (19A) for such waiver,then, if the Minister or the person appointed by the Minister is satisfied, having regard to the acquiring company’s representation and all the relevant circumstances of the case, that it is just and reasonable to do so, the Minister or appointed person —

may make a determination that the company is not entitled to any deduction in respect of the qualifying acquisition for each year of assessment beginning with a specified year of assessment; and

must give a written notice of the determination to the Comptroller and the company.(19C) If a determination has been made under subsection (19B), then (despite anything in this section) —

any deduction that has already been made to the acquiring company in respect of the qualifying acquisition for each year of assessment beginning with the specified year of assessment is treated for the purposes of this section as having been wrongly allowed, and the Comptroller may, subject to section 74, make an assessment or additional assessment on the company for those years of assessment to make good any tax shortfall; and

no deduction may be made to the company for the qualifying acquisition —

for any year of assessment after the year or years of assessment mentioned in paragraph (a); or

if no deduction has been made to the company for the specified year of assessment, for the specified year of assessment and each subsequent year of assessment.”.