Clause 29

In section 62 of the principal Act, after subsection (5), insert —“(6) A company licensed under the Insurance Act 1966 to carry on insurance business in Singapore that is required under subsection (1) to furnish a tax computation with its return of income, must furnish to the Comptroller a tax computation that is prepared in accordance with its MAS return along with such additional information as the Comptroller may reasonably require for making an assessment.(7) Subsection (6) has effect for any year of assessment for a basis period beginning on or after 1 January 2023, or such earlier basis period as may be approved by the Comptroller in a particular case.(8) The Minister may make regulations to provide for any transitional, supplementary and consequential matters relating to subsections (6) and (7).(9) In this section, “MAS return” has the meaning given by section 34AAA(14).”.