Clause 39

by inserting, immediately after sub-paragraph (1) of paragraph 11, the following sub-paragraphs:“(1A) Where any sum relevant for determining the value of a Seventh Schedule supply is expressed in a currency other than Singapore currency, it is to be converted into Singapore currency at the selling rate of exchange prevailing in Singapore at one of the following times at the option of the taxable person:

the time of the supply;

the last day of the prescribed accounting period applicable to the supply;

the time of the filing of the return in relation to the supply.(1B) An option chosen by the taxable person under sub‑paragraph (1A) must be applied —

in relation to all Seventh Schedule supplies made by the taxable person; and

unless the Comptroller otherwise allows, for at least one year after the first time the option is used.”; and

by inserting, immediately after the words “sub‑paragraph (1)” in paragraph 11(2), the words “or (1A)”.