(h) by inserting, immediately after the words (3)(a) “subsection or (c)” in subsection (11)(a)(ii), the words (5)(a), (b) or “or (d)”; (i) by inserting, immediately after the words (4)(b)” “subsection wherever they appear in subsection (11)(b), the words “or (6)(b)”; (j) by inserting, immediately the words (4)(c)” “subsection in subsection (11)(c), the words (6)(c)”; “or (k) by inserting, immediately after the words (4)(b) “subsection or (c)” in subsections (11A) and (18)(a), the words “or (6)(b) or (c)”; (l) by inserting, immediately after subsection (18), the following subsection: Without affecting the generality of subsection “(18A) (18)(b), the Minister may, in the case of a qualifying acquisition referred to in subsection (5), prescribe such conditions as the Minister considers necessary to ensure that the acquiring company or acquiring subsidiary is not merely a passive shareholder of the target company, including requiring the company or subsidiary to exert significant influence (within the meaning of FRS 28, or SFRS for Small Entities, as amended from time to time) over the target company.”; (m) by inserting, immediately after the definition of “financial year” in subsection (19), the following definition: 28” means the financial reporting standard “ “FRS known as Financial Reporting Standard 28 (Investments in Associates and Joint Ventures) made by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B)”; and (n) by inserting, immediately after the definition of “holding company” in subsection (19), the following definition:
(h) by inserting, immediately after the words “subsection (3)(a) or (c)” in subsection (11)(a)(ii), the words “or (5)(a), (b) or (d)”; (i) by inserting, immediately after the words “subsection (4)(b)” wherever they appear in subsection (11)(b), the words “or (6)(b)”; (j) by inserting, immediately the words “subsection (4)(c)” in subsection (11)(c), the words “or (6)(c)”; (k) by inserting, immediately after the words “subsection (4)(b) or (c)” in subsections (11A) and (18)(a), the words “or (6)(b) or (c)”; (l) by inserting, immediately after subsection (18), the following subsection: “(18A) Without affecting the generality of subsection (18)(b), the Minister may, in the case of a qualifying acquisition referred to in subsection (5), prescribe such conditions as the Minister considers necessary to ensure that the acquiring company or acquiring subsidiary is not merely a passive shareholder of the target company, including requiring the company or subsidiary to exert significant influence (within the meaning of FRS 28, or SFRS for Small Entities, as amended from time to time) over the target company.”; (m) by inserting, immediately after the definition of “financial year” in subsection (19), the following definition: “ “FRS 28” means the financial reporting standard known as Financial Reporting Standard 28 (Investments in Associates and Joint Ventures) made by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B)”; and (n) by inserting, immediately after the definition of “holding company” in subsection (19), the following definition:
ITA2015_Clause2to52.docx