On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 31/12/2009.
13. Section 13R of the principal Act is amended —
(a)
by deleting the words “16th February 2011” in subsection (2) and substituting the words “31st March 2014”;
(b)
by deleting subsection (5) and substituting the following subsections:
“(5) Notwithstanding subsection (3), where —
(a)
income of any approved company has been exempt from tax under subsection (1) in any year of assessment;
(b)
a person, either alone or together with his associates, beneficially owns on the relevant day any issued securities of the approved company; and
(c)
the person mentioned in paragraph (b) is a non-bona fide entity,
then the person mentioned in paragraph (b) shall not be liable to pay the penalty referred to in subsection (3); but a person (referred to in this section as the liable person) who —
(i)
beneficially owns on the relevant day equity interests of the person mentioned in paragraph (b); and
(ii)
is not himself a non-bona fide entity,
shall be liable to pay to the Comptroller, in such manner and within such reasonable time as may be determined by the Comptroller, a penalty to be computed in accordance with the formula specified in subsection (5A), if, and only if, the total of —
(A)
the value of the equity interests of the approved company beneficially owned by the liable person on the relevant day; and
(B)
the value of the equity interests of the approved company beneficially owned by the associates of the liable person on the relevant day,
exceeds the prescribed percentage of the total value of all the equity interests of the approved company on that day.
(5A) The formula for the penalty referred to in subsection (5) shall be as follows:
A x B x C, | |||||
where | A | is the percentage which the value of the equity interests of the approved company beneficially owned on the relevant day by the liable person bears to the total value of all equity interests of the approved company on the relevant day; | |||
B | is the amount of income of the approved company as reflected in the audited account of the approved company for the basis period relating to that year of assessment; and | ||||
C | is the tax rate applicable to that year of assessment as specified in section 43(1)(a). | ||||
(5B) Subsection (4) shall apply, with the necessary modifications, to the liable person as it applies to a relevant owner as if the reference to subsection (3) is a reference to subsection (5).”;
(c)
by deleting the words “subsection (5)” in subsection (6) and substituting the words “subsections (5)(i), (A) and (B) and (5A)”; and
(d)
by deleting the words “subsection (3)” in the definition of “relevant day” in subsection (8) and substituting the words “subsection (3) or (5)”.