§ 14S — Deduction for amortisation of intangible asset created under public‑private partnership arrangement

14S.—(1) Where —(a)

a person provides services under a public‑private partnership arrangement —(i)

that is the subject of a contract entered into between the Government or any approved statutory body and any person; and

(ii)

to which INT FRS 112 or SFRS(I) INT 12 applies;

(b)

section 10E(1A) or (1C) applies to the person in respect of those services;

(c)

the person recognises in the person’s financial statements, prepared in accordance with INT FRS 112 or SFRS(I) INT 12 (as the case may be), an intangible asset as having been created in the course of providing the services; and

(d)

in accordance with FRS 38 or SFRS(I) 1‑38 (as the case may be), amortisation of the asset is recognised in the person’s financial statements for the basis period for the year of assessment 2012 or any subsequent year of assessment,

then the amount of the amortisation that is recognised in the person’s financial statements as an expense in accordance with FRS 38 or SFRS(I) 1‑38 (as the case may be), is allowed to the person as a deduction against an amount that is deemed as income derived by that person for that basis period under section 10E(1A) or (1C).

[32/2019]

(2) In this section —“FRS 38” and “SFRS(I) 1‑38” mean the financial reporting standards known respectively as —(a)

Financial Reporting Standard 38 (Intangible Assets); and

(b)

Singapore Financial Reporting Standard (International) 1‑38 (Intangible Assets),

that are made by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007, as amended from time to time;

[Act 36 of 2022 wef 01/04/2023]

“INT FRS 112” and “SFRS(I) INT 12” have the meanings given by section 10E(2).[14V

[32/2019]

—(1) Where —(a)

a person provides services under a public‑private partnership arrangement —(i)

that is the subject of a contract entered into between the Government or any approved statutory body and any person; and

(ii)

to which INT FRS 112 or SFRS(I) INT 12 applies;

(b)

section 10E(1A) or (1C) applies to the person in respect of those services;

(c)

the person recognises in the person’s financial statements, prepared in accordance with INT FRS 112 or SFRS(I) INT 12 (as the case may be), an intangible asset as having been created in the course of providing the services; and

(d)

in accordance with FRS 38 or SFRS(I) 1‑38 (as the case may be), amortisation of the asset is recognised in the person’s financial statements for the basis period for the year of assessment 2012 or any subsequent year of assessment,

then the amount of the amortisation that is recognised in the person’s financial statements as an expense in accordance with FRS 38 or SFRS(I) 1‑38 (as the case may be), is allowed to the person as a deduction against an amount that is deemed as income derived by that person for that basis period under section 10E(1A) or (1C).

[32/2019]

(2) In this section —“FRS 38” and “SFRS(I) 1‑38” mean the financial reporting standards known respectively as —(a)

Financial Reporting Standard 38 (Intangible Assets); and

(b)

Singapore Financial Reporting Standard (International) 1‑38 (Intangible Assets),

that are made by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007, as amended from time to time;

[Act 36 of 2022 wef 01/04/2023]

“INT FRS 112” and “SFRS(I) INT 12” have the meanings given by section 10E(2).[14V

[32/2019]