higher amount of PIC cash payout, PIC bonus or PIC enhanced deduction.”. Amendment of section 37J 43. Section 37J of the principal Act is amended by inserting, immediately after subsection (5), the following subsection: In this section, a reference to the amount of cash “(5A) payout or PIC bonus that has been made to a person as a result of an offence, or which would have been made to the person if the offence had not been detected, excludes an amount of the cash payout or PIC bonus that the person is entitled to”. [Gazette date] Amendment of section 37K 44. Section 37K(12) of the principal Act is amended by deleting the words employee” in paragraph (a) of the definition of “an investment” and substituting the word “qualifying “a”. [Gazette date] Amendment of section 39 Section 39(2) of the principal Act is amended 45.—(1) — (a) by deleting in paragraph (d)(A) and (B) and “$3,500” substituting in each case “$5,500”; (b) by deleting in the proviso to paragraph (d) and “$3,500” substituting “$5,500”; (c) by deleting the proviso to paragraph (e) and substituting the following proviso: that in the case of any unmarried child “Provided incapacitated by reason of physical or mental infirmity and in respect of whom — (A) a deduction is allowable paragraph 1 of the Fifth Schedule, the deduction shall be increased to $5,500 (for the year of assessment 2009, 2010, 2011, 2012, 2013 or 2014) or $7,500 (for the
higher amount of PIC cash payout, PIC bonus or PIC enhanced deduction.”. Amendment of section 37J 43. Section 37J of the principal Act is amended by inserting, immediately after subsection (5), the following subsection: “(5A) In this section, a reference to the amount of cash payout or PIC bonus that has been made to a person as a result of an offence, or which would have been made to the person if the offence had not been detected, excludes an amount of the cash payout or PIC bonus that the person is entitled to”. [Gazette date] Amendment of section 37K 44. Section 37K(12) of the principal Act is amended by deleting the words “an employee” in paragraph (a) of the definition of “qualifying investment” and substituting the word “a”. [Gazette date] Amendment of section 39 45.—(1) Section 39(2) of the principal Act is amended — (a) by deleting “$3,500” in paragraph (d)(A) and (B) and substituting in each case “$5,500”; (b) by deleting “$3,500” in the proviso to paragraph (d) and substituting “$5,500”; (c) by deleting the proviso to paragraph (e) and substituting the following proviso: “Provided that in the case of any unmarried child incapacitated by reason of physical or mental infirmity and in respect of whom — (A) a deduction is allowable paragraph 1 of the Fifth Schedule, the deduction shall be increased to $5,500 (for the year of assessment 2009, 2010, 2011, 2012, 2013 or 2014) or $7,500 (for the
2014_ITA_Bill.docx