Suggest a correction

Transitional provisions for individuals and partnerships

Income Tax (Functional Currency) Regulations 2004

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

Where an individual or a precedent partner —(a)is required for any year of assessment to furnish his tax computation and particulars of his income in a non-Singapore dollar functional currency; and(b)has, in any previous year of assessment, furnished his tax computation and particulars of his income with a return of income in Singapore dollar,the individual or precedent partner shall convert the following amounts denominated in Singapore dollar into an equivalent amount in the functional currency in accordance with the applicable rate of exchange referred to in regulation 4:(i)the residue of the value of any industrial building or structure, machinery or plant, or right referred in section 16, 19, 19A, 19B, 19C or 19D of the Act, after deducting any allowance that has been made under any of those sections;(ii)any expenses or balance of expenses which are allowed as deductions for the year of assessment 2004 or any subsequent year of assessment, or such earlier year of assessment as may be approved by the Comptroller;(iii)income from any source that is chargeable to tax for the year of assessment 2004 or any subsequent year of assessment, or such earlier year of assessment as may be approved by the Comptroller;(iv)the value of any asset which has been granted an initial or annual allowance under section 16, 19 or 19A of the Act for the purposes of calculating any balancing charge under section 17 or 20 of the Act;(v)in the case of an individual, the balance of any allowance falling to be made under section 16, 17, 19, 19A, 19B, 19C, 19D or 20 of the Act at the end of the previous year of assessment.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.