Regulation 7

For the purposes of section 23C(2)(b) of the Act, the person mentioned in sub‑paragraph (2) must, within 14 days after the completion of an arrangement in section 23C(3) of the Act that has the effect mentioned in section 23C(1)(a) of the Act, give to the Commissioner a notice of the arrangement in the form set out at the Internet website at https://www.iras.gov.sg/.

For the purpose of sub‑paragraph (1), the person is the one who is liable to pay the duty that is chargeable under section 23C(2) of the Act or, if there is more than one such person, each of them.

A person who contravenes sub‑paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding 4 times the amount of duty that is otherwise chargeable on the notice.