Clause 52

by inserting, immediately after the words “the year of assessment” in subsection (10), the words “to which the claim relates (if the year of assessment is the year of assessment 2021 or a previous year of assessment), or 4 years after the end of the year of assessment to which the claim relates (if the year of assessment is any other year of assessment)”;

by deleting the words “2 years” in subsection (11) and substituting the words “3 years”; and

by inserting, immediately after subsection (11), the following subsections:“(11A) If the amount of any credit given under the arrangements to an umbrella VCC attributable to any of its sub‑funds is rendered excessive by reason of any adjustment of the amount of any tax payable in any territory outside Singapore, the umbrella VCC must give the Comptroller a written notice of the particulars of the adjustment, in the manner specified by the Comptroller, within one year after the adjustment is made.(11B) An umbrella VCC that, without reasonable excuse, fails to comply with subsection (11A) shall be guilty of an offence and shall be liable on conviction to a penalty not exceeding the amount of the excess credit under subsection (11A).(11C) The Comptroller may compound any offence under subsection (11B).”.