(2AA)(iii)(B) of the lower of the amounts specified in subsection (2AA)(ii)(A) and (B) if the person does not carry on any trade or business during the basis period for the year of assessment 2017.”; (d) by deleting the words (1) and (2)” in “subsections subsections (3) and (4) and substituting in each case the words (1), (2) and (2AA)”; “subsections (e) by deleting the words year of assessment 2015” in “the subsections (3) and (4) and substituting in each case the words year of assessment 2018”; and “the (f) by deleting the words (1) or (2)” in “subsection subsections (3) and (4) and substituting in each case the words (1), (2) or (2AA)”. “subsection [Gazette date] Amendment of section 14T 25. Section 14T of the principal Act is amended — (a) by inserting, immediately after the words to this “Subject section” in subsection (2), the words section 37IC”; “and (b) by inserting, immediately subsection (2) the following subsection: Subject to this section and section 37IC, for the “(2A) purpose of ascertaining the income of a person carrying on a trade or business during the basis period for the year of assessment 2016, 2017 or 2018, there shall be allowed in respect of all his trades and businesses, in addition to the deduction allowed under section 14, a deduction for the expenditure incurred for the purposes of those trades or businesses on the leasing of one or more PIC automation equipment under a qualifying lease or leases, computed in accordance with the following formula: A is —
(2AA)(iii)(B) of the lower of the amounts specified in subsection (2AA)(ii)(A) and (B) if the person does not carry on any trade or business during the basis period for the year of assessment 2017.”; (d) by deleting the words “subsections (1) and (2)” in subsections (3) and (4) and substituting in each case the words “subsections (1), (2) and (2AA)”; (e) by deleting the words “the year of assessment 2015” in subsections (3) and (4) and substituting in each case the words “the year of assessment 2018”; and (f) by deleting the words “subsection (1) or (2)” in subsections (3) and (4) and substituting in each case the words “subsection (1), (2) or (2AA)”. [Gazette date] Amendment of section 14T 25. Section 14T of the principal Act is amended — (a) by inserting, immediately after the words “Subject to this section” in subsection (2), the words “and section 37IC”; (b) by inserting, immediately subsection (2) the following subsection: “(2A) Subject to this section and section 37IC, for the purpose of ascertaining the income of a person carrying on a trade or business during the basis period for the year of assessment 2016, 2017 or 2018, there shall be allowed in respect of all his trades and businesses, in addition to the deduction allowed under section 14, a deduction for the expenditure incurred for the purposes of those trades or businesses on the leasing of one or more PIC automation equipment under a qualifying lease or leases, computed in accordance with the following formula: A is —
2014_ITA_Clause2to72.docx