Singapore legislation
Clause 8
Clause 8
Amendment of section 13
In section 13 of the principal Act, delete subsection (6) and substitute —“(5A) Where the circumstances described in section 7(5) apply and X has a monitoring plan for the business facility as a taxable facility of X that is approved by the Agency under this section —
the Agency must provide Y with the monitoring plan; and
the monitoring plan —
is treated for the purposes of subsection (1) as if it had been submitted to the Agency and approved by the Agency as a monitoring plan for the business facility as a taxable facility of Y, from and including the date of the transfer of operational control over the business facility from X to Y; and
is treated for the purposes of section 15 as if it had been prepared by Y.(5B) Nothing in subsection (5A) prevents the monitoring plan (as on the day immediately before the date of the transfer of operational control) from continuing to be a monitoring plan for the business facility as a taxable facility of X for the purpose of X complying with any of X’s obligations under this section and sections 12, 14 and 15.(6) Any approval or deemed approval under this section for a monitoring plan for a taxable facility of a registered person ceases to be valid in relation to that registered person with effect from the deregistration of that taxable facility as such.”.