Singapore legislation

Clause 33

of Income Tax (Amendment) Bill

Clause 33

Amendment of section 37L

Section 37L of the principal Act is amended —

(a)

by deleting the words “subsection (16)(c)(v) and (d)(v)” in subsection (16E) and substituting the words “subsections (16)(c)(v) and (d)(v) and (17)(db)”; and

(b)

by inserting, immediately after paragraph (da) of subsection (17), the following paragraph:“(db)where the qualifying acquisition is one mentioned in subsection (4A)(a) or (b), the acquiring company or the acquiring subsidiary (as the case may be) fails to satisfy any condition prescribed under subsection (16E);”.

Clause 33 — Income Tax (Amendment) Bill | laws.sg