(b) in relation to issued securities of a company prescribed under paragraph (c) of the definition of “issued securities”, means — (i) where the relevant day is before 1 April 2014, the value of those securities at the prescribed time; (ii) where the relevant day falls on or after 1 April 2014, the net asset value of those securities as at the relevant day.”. [1.4 2014] Amendment of section 13V 15. Section 13V(15) of the principal Act is amended — (a) by deleting the definitions of “ “client”, “foreign law firm”, “Formal Law Alliance”, “Joint Law Venture”, “law corporation”, “law firm” and “limited liability law partnership” ” and substituting the following definitions: “ “client”, “foreign law practice”, “Formal Law Alliance”, “Joint Law Venture”, “law corporation” and “Singapore law practice” have the same meanings as in the Legal Profession Act (Cap. 161);”; and (b) by deleting the definition of “law practice” and substituting the following definition: “ “law practice” means a Singapore law practice, foreign law practice, Formal Law Alliance or Joint Law Venture;”. [Gazette date] Amendment of section 13X 16. Section 13X of the principal Act is amended by deleting the words “31st March 2014” in subsections (2) and (2A), and substituting in each case the words “31 March 2019”.
(c) for the year of assessment 2018, the lower of the following: (i) such costs incurred during the basis period for that year of assessment; (ii) the balance after deducting from $1,200,000 the lower of the amounts specified in paragraph (a)(i) and (ii), and the lower of the amounts specified in paragraph (b)(i) and (ii).”; (d) by inserting, immediately after subsection (1D), the following subsection: “(1DA) In subsection (1BA) — (a) if the person does not carry on any trade or business during the basis period for any one year of assessment between the years of assessment 2016 and 2018 (both years inclusive), the references to “$1,200,000” in the paragraphs of that subsection applicable to the other 2 years of assessment shall be substituted with “$800,000”; (b) if the person does not carry on any trade or business during the basis periods for any 2 years of assessment between the years of assessment 2016 and 2018 (both years inclusive), the reference to “$1,200,000” in the paragraph of that subsection applicable to the remaining year of assessment shall be substituted with “$400,000”; and (c) for the avoidance of doubt, no deduction shall be made from the substituted amount in subsection (1BA)(b)(ii) or (c)(ii) of the lower of the amounts specified in subsection (1BA)(a)(i) and (ii) if the person does not carry on any trade or business during the basis period for the year of assessment 2016, and no deduction shall be made from the substituted amount in subsection
(2AA)(iii)(B) of the lower of the amounts specified in subsection (2AA)(ii)(A) and (B) if the person does not carry on any trade or business during the basis period for the year of assessment 2017.”; (d) by deleting the words “subsections (1) and (2)” in subsections (3) and (4) and substituting in each case the words “subsections (1), (2) and (2AA)”; (e) by deleting the words “the year of assessment 2015” in subsections (3) and (4) and substituting in each case the words “the year of assessment 2018”; and (f) by deleting the words “subsection (1) or (2)” in subsections (3) and (4) and substituting in each case the words “subsection (1), (2) or (2AA)”. [Gazette date] Amendment of section 14T 25. Section 14T of the principal Act is amended — (a) by inserting, immediately after the words “Subject to this section” in subsection (2), the words “and section 37IC”; (b) by inserting, immediately subsection (2) the following subsection: “(2A) Subject to this section and section 37IC, for the purpose of ascertaining the income of a person carrying on a trade or business during the basis period for the year of assessment 2016, 2017 or 2018, there shall be allowed in respect of all his trades and businesses, in addition to the deduction allowed under section 14, a deduction for the expenditure incurred for the purposes of those trades or businesses on the leasing of one or more PIC automation equipment under a qualifying lease or leases, computed in accordance with the following formula: A is —
“(8A) Where a qualifying person incurs capital expenditure during the basis period for the year of assessment 2016 or a subsequent year of assessment on the provision of any PIC automation equipment, he shall only be allowed to make an election under subsection (1) or (4A) in respect of that expenditure if he proves to the satisfaction of the Comptroller that the PIC automation equipment is in use for the purposes of his trade, profession or business. (8B) The Comptroller may, subject to such conditions as he may impose, waive the application of subsection (8A) if he is satisfied that there is a reasonable cause for the PIC automation equipment not being in use for the purposes of the person’s trade, profession or business.”; (j) by deleting the “or (2)” in subsection (14) and substituting the words “, (2) or (10)”; (k) by deleting the words “section 14A(1A) or (1B), 14DA(2), 14R, 14S, 14T, 14W, 19A(2A) or (2B) or 19B(1A) or (1B)” in subsection (14A) and substituting the words “section 14A(1A), (1B) or (1BA), 14DA(2), 14R, 14S, 14T, 14W, 19A(2A), (2B) or (2BAA) or 19B(1A), (1B) or (1BAA)”; (l) by inserting, immediately the definition of “cash price” in subsection (21), the following definitions: “ “central hirer”, in relation to a central hiring arrangement for a group of related parties, means the person who carries out human resource functions for those parties under the arrangement; “central hiring arrangement” an arrangement for a group of related parties entered into for a bona fide commercial reason, where the human resource functions of the parties in the group are carried out by a single person;”; (m) by inserting, immediately after the definition of “local employee” in subsection (21), the following definition:
(b) Qualifying expenditure as defined in section 14DA Section 14DA(2) Section 14DA(2) (c) Qualifying training expenditure as defined in section 14R Section 14R(2) Section 14R(2A) (d) Qualifying design expenditure as defined in section 14S Section 14S(2) Section 14S(2AA) (e) Expenditure on the leasing of any PIC automation equipment, or procuring of cloud computing services as defined in section 14T Section 14T(2) Section 14T(2A) (f) Expenditure on the licensing from another of any intellectual property rights Section 14W(1) Section 14W(4) (g) Capital expenditure on the provision of any PIC automation equipment Section 19A(2B) Section 19A(2BAA)
“(5) In relation to an EOI arrangement which is a multilateral treaty referred to in section 105BA(1A) — (a) the reference in the definition of “competent authority” to a person or an authority authorised to make a request to the Comptroller for information is a reference to a person or authority of a country that is a to the treaty authorised to make such a request; and (b) the reference in the definition of “tax position” to any tax of the country with whose government the EOI arrangement was made and that is covered by the arrangement, is a reference to any tax of a country that is a Party to the treaty and covered by the treaty.”. [Gazette date] Amendment of section 105BA 62. Section 105BA of the principal Act is amended — (a) by deleting the words “the government of any country” in subsection (1) and substituting the words “one or more governments of any countries”; and (b) by inserting, immediately after , the following subsection: “(1A) An arrangement under subsection (1) includes a multilateral treaty to which Singapore is a Party, the purpose or one of the purposes of which is the exchange of information concerning the tax position of persons.”. [Gazette date] New section 105I 63. The principal Act is amended by inserting, immediately after section 105H, the following section: “Confidentiality requirements for judicial review proceedings 105I.—(1) This section applies to any proceedings, and any application relating to any proceedings, to review —