On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 16/12/2008.
23. Section 14P of the principal Act is amended —
(a)
by deleting the words “subsection (3)” in the penultimate line of subsection (8)(b) and substituting the words “subsection (8A)”; and
(b)
by inserting, immediately after subsection (8), the following subsection:
“(8A) For the purpose of subsection (8)(b), the amount equal to the cost to the holding company of acquiring the treasury shares transferred to a person shall be determined —
(a)
in accordance with subsection (3); or
(b)
where the holding company is incorporated outside Singapore and the following conditions are satisfied, on the basis that the treasury shares acquired by the holding company at the latest point in time are deemed to be transferred first:
(i)
the basis is in accordance with the accounting policy of the group of companies of which the holding company is a member;
(ii)
if there are applicable accounting principles which are generally accepted in the country in which the holding company is incorporated, the basis is in accordance with those principles;
(iii)
the basis is consistently adopted by the holding company unless otherwise allowed by the Comptroller; and
(iv)
the Comptroller is satisfied that the basis is not adopted for the purposes of deriving any tax benefit or obtaining any tax advantage.”.