Schedule 3 · Compensation

THIRD SCHEDULESections 43(3) and (7), 66(7), 78(1) and (2) and 79CompensationPart 1DESCRIPTIONS OF SPECIFIED CONTRACTS1. The descriptions of specified contracts are those specified in paragraph 1(a) of Part 1 of the Second Schedule (subject to paragraphs 2 and 3 of that Part).Part 2REQUIREMENTS FOR B1. The requirements which B must satisfy are as follows:

B must be —

an individual;

a sole proprietor; or

a company incorporated solely to hold the interest in one or more immovable properties (which must include the immovable property that is the subject of the specified contract in question), and owned only by one or more individuals and sole proprietors; [S 19/2021 wef 15/01/2021]

B’s annual income or (where B is a company mentioned in sub-paragraph (a)(iii)) the annual income of each of B’s shareholders, determined in the prescribed manner, does not exceed the prescribed amount for the prescribed period;[S 19/2021 wef 15/01/2021]

B’s average monthly rental income derived from the lease or licence of the immovable property that is the subject of the specified contract in question or (where B is a company mentioned in sub-paragraph (a)(iii)) the average monthly rental income of each of B’s shareholders, is 50% or more of B’s or the shareholder’s (as the case may be) average monthly income, such average monthly rental income and average monthly income determined in the prescribed manner;[S 19/2021 wef 15/01/2021]

where B comprises 2 or more lessors or licensors of the immovable property, each of the lessors or licensors is a person who satisfies the requirements of sub-paragraphs (a), (b) and (c) (with the reference to B in those sub-paragraphs read as a reference to each such lessor or licensor).[Act 37 of 2020 wef 14/01/2021][S 19/2021 wef 15/01/2021]2. [Deleted by S 19/2021 wef 15/01/2021]