Clause 29

by inserting, immediately after the words “FRS 115” in subsection (1)(a) and in the section heading, the words “or SFRS(I) 15”;

by inserting, immediately after the words “FRS 115” in subsections (1)(b) and (6)(b)(i) and (ii), the words “or SFRS(I) 15 (as the case may be)”;

by deleting paragraph (c) of subsection (1) and substituting the following paragraph:“(c)the amount W of the person (or, if the person is a partnership, a partner of the person) for the year of assessment for that previous basis period arrived at using an amount of profit that includes the adjusted revenue amount (called in this section amount A) as the starting point, is different from the amount arrived at using an amount of profit that does not include the adjusted revenue amount (called in this section amount B) as the starting point.”;

by inserting, immediately after subsection (1), the following subsection:“(1A) In subsection (1)(c), the amount W of a person or partner for a year of assessment is ascertained by the formula X + Y – Z, where —

X is the chargeable income of the person or partner for that year of assessment;

Y is all exempt income of the person or partner for that year of assessment; and

Z is the sum of each deduction or allowance for any expenditure, donation or loss, that remains unabsorbed after ascertaining the chargeable income or any exempt income.”;

by deleting sub‑paragraph (B) of subsections (3)(b)(i) and (5)(b)(i) and substituting in each case the following sub‑paragraph:“(B)the deduction allowed or allowance made for each expenditure, donation or loss in ascertaining the chargeable income or any exempt income of the person or partner for that year of assessment, and attributable to the production of, or apportioned to, that part;”;

by deleting sub‑paragraph (B) of subsections (3)(b)(ii) and (5)(b)(ii) and substituting in each case the following sub‑paragraph:“(B)the deduction allowed or allowance made for each expenditure, donation or loss in ascertaining the chargeable income or any exempt income of the person or partner for that year of assessment, and attributable to the production of, or apportioned to, the income amount C or a part of it; and”;

by inserting, immediately after subsection (5), the following subsection:“(5A) To avoid doubt, the deduction or allowance mentioned in subsection (3)(b)(i)(B) or (ii)(B), or subsection (5)(b)(i)(B) or (ii)(B), excludes any deduction or allowance (or any part of any deduction or allowance) that remains unabsorbed after ascertaining the chargeable income or exempt income mentioned in that provision.”; and

by deleting the full‑stop at the end of the definition of “person” in subsection (7) and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “SFRS(I) 15” means the financial reporting standard known as Singapore Financial Reporting Standards (International) 15 (Revenue from Contracts with Customers), issued by the Accounting Standards Council under the Accounting Standards Act.”.