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Contents

Long Title

Part I PRELIMINARY

Part II ADMINISTRATION

Part III IMPOSITION OF INCOME TAX

Part IV EXEMPTION FROM INCOME TAX

Part V DEDUCTIONS AGAINST INCOME

Part VI CAPITAL ALLOWANCES

Part VII ASCERTAINMENT OF CERTAIN INCOME

Part VIII ASCERTAINMENT OF STATUTORY INCOME

Part IX ASCERTAINMENT OF ASSESSABLE INCOME

Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS

Part XI RATES OF TAX

Part XII DEDUCTION OF TAX AT SOURCE

Part XIII ALLOWANCES FOR TAX CHARGED

Part XIV RELIEF AGAINST DOUBLE TAXATION

Part XV PERSONS CHARGEABLE

Husband and wife

Trustees, agents and curators

Part XVI RETURNS

Part XVII ASSESSMENTS AND OBJECTIONS

Part XVIII APPEALS

Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX

Part XX OFFENCES AND PENALTIES

Part XXA Exchange of information under avoidance of double taxation arrangements and exchange of information arrangements

Part XXB COURT ORDERS RELATING TO RESTRICTED INFORMATION

Part XXI MISCELLANEOUS

FIRST SCHEDULE Institution, Authority, Person or Fund Exempted

SECOND SCHEDULE Rates of Tax

THIRD SCHEDULE Repealed

FOURTH SCHEDULE Name of Bond, Securities, Stock or Fund

FIFTH SCHEDULE Child Relief

SIXTH SCHEDULE Number of Years of Working Life of Asset

SEVENTH SCHEDULE Advance Rulings

EIGHTH SCHEDULE Information to be Included in A Request for Information under Part Xxa

Legislative History

Comparative Table

Comparative Table

 
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On 25/05/2013, you requested for the version in force on 25/05/2013 incorporating all amendments published on or before 25/05/2013. The closest version currently available is that of 18/04/2013.
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Valuation of trading stock on discontinuance or transfer of trade or business
32.
—(1)  In computing for any purpose of this Act the gains or profits of a trade or business which has been discontinued or transferred, any trading stock belonging to the trade or business at the discontinuance or transfer thereof shall be valued as follows:
(a)
in the case of any such trading stock —
(i)
which is sold or transferred for valuable consideration to a person who carries on or intends to carry on a trade or business in Singapore; and
(ii)
the cost whereof may be deducted by the purchaser as an expense in computing for any such purpose the gains or profits of that trade or business,
the value thereof shall be taken to be the amount realised on the sale or the value of the consideration given for the transfer; and
(b)
in the case of any other such trading stock, the value thereof shall be taken to be the amount which it would have realised if it had been sold in the open market at the discontinuance or transfer of the trade or business.
(2)  In computing for any purpose of this Act the gains or profits of the purchaser of the trading stock of any trade or business which has been discontinued or transferred, such trading stock shall be valued as provided in subsection (1).
(3)  Any question arising under subsection (1) regarding the value attributable to the trading stock belonging to any trade or business which has been discontinued or transferred shall be determined by the Comptroller.
(4)  In this section, “trading stock”, in relation to any trade or business, means property of any description, whether movable or immovable, being either —
(a)
property such as is sold in the ordinary course of trade or business or would be so sold if it were mature or if its manufacture, preparation or construction were complete; or
(b)
materials such as are used in the manufacture, preparation or construction of any such property as is referred to in paragraph (a).