will be amended to tax the value of the SRS investments withdrawn and provide the Minister the power to make regulations to provide for the method of valuing the SRS investments withdrawn. These amendments will take effect on 1 January 2015. Replace the reference to the term "foreign law firm" in section 13V with “foreign law practice” To replace the reference to “foreign law firm” in the ITA with “foreign law practice”. When section 13V was enacted, the term “foreign law firm” was included in subsection 15. The term “foreign law firm” was subsequently deleted from the Legal Profession Act. This is a consequential amendment. Section 13V [Clause 15] Amend the definition of "qualifying investment" in section 37K(12) to exclude all stock option and share award schemes. To amend the definition of “qualifying investment”, under the Angel Investor Tax Deduction (“AITD”) scheme such that it is similar to that in section 97U(1)(c) of the Economic Expansion Incentive (Relief from Income Tax) Act. The Angel Investor Tax Deduction (“AITD”) scheme was introduced to encourage approved investors to invest in qualifying start-ups by providing a tax deduction on their qualifying investment. Section 37K [Clause 44] Amend section 37C(15) and (19), concerning the references to “the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act "2004”. To make technical amendments to section 37C by removing the references to “the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2004” and substituting them with “28 April 2004”, being the date of commencement of the Section 37C [Clause 37]
Annex A Examples of qualifying statutory and regulatory expenses under Section 14X Purpose for expense was incurred Examples (Non-exhaustive) for the purpose of compliance by the taxpayer with any written law of Singapore or another country Expenses incurred to comply with: the Income Tax Act, such as preparation of income tax computation, replying to queries raised by Comptroller of Income Tax, lodging objection to Notices of Assessment. the Companies Act, such as audit fees. Expenses incurred to rectify non-compliance with such requirement. for the purpose of compliance by the taxpayer with any code, standard, rule, requirement or other document issued by the Government or a public authority established by or under any public Act, or by the or a public authority of another country, or by a securities exchange Expenses incurred to comply with codes and directives issued by the Monetary Authority of Singapore, Accounting Standards Council and their foreign equivalents. Annual listing fees and other expenses to comply with the Singapore Exchange Listing Manual Expenses incurred to rectify compliance with such requirement. to the impact of any proposed law referred to in (a) that has yet to be enacted or proposed document referred to in (b) that has yet to be issued Expenses incurred to study the impact of implementing proposed statutory requirements that has yet to be enacted, such as when the Foreign Account Tax Compliance Act (FATCA) was first proposed by the US government. to prevent or detect any with any law referred to in (a) or document referred to in (b) Expenses incurred to enhance internal controls for prevention and detection of with statutory requirements under IRAS’ Assisted Compliance Assurance program for Goods and Services Tax (GST ACAP). to voluntarily comply with a requirement of any law referred to in (a) or document referred to in (b), even though the taxpayer is Audit fees incurred by a company that is eligible for audit exemption under the Companies Act.