(b) in relation to issued securities of a company prescribed under paragraph (c) of the definition of securities”, means “issued — (i) where the relevant day is before 1 April 2014, the value of those securities at the prescribed time; (ii) where the relevant day falls on or after 1 April 2014, the net asset value of those securities as at the relevant day.”. [1.4 2014] Amendment of section 13V 15. Section 13V(15) of the principal Act is amended — (a) by deleting the definitions of law firm”, “ “client”, “foreign Law Alliance”, Law Venture”, “Formal “Joint “law corporation”, firm” and liability law “law “limited partnership” and substituting the following definitions: ” law practice”, Law “ “client”, “foreign “Formal Alliance”, Law Venture”, “Joint “law corporation” and law practice” have “Singapore the same meanings as in the Legal Profession Act (Cap. 161);”; and (b) by deleting the definition of practice” and substituting “law the following definition: practice” means a Singapore law practice, “ “law foreign law practice, Formal Law Alliance or Joint Law Venture;”. [Gazette date] Amendment of section 13X 16. Section 13X of the principal Act is amended by deleting the words March 2014” in subsections (2) and (2A), and “31st substituting in each case the words March 2019”. “31
(b) in relation to issued securities of a company prescribed under paragraph (c) of the definition of “issued securities”, means — (i) where the relevant day is before 1 April 2014, the value of those securities at the prescribed time; (ii) where the relevant day falls on or after 1 April 2014, the net asset value of those securities as at the relevant day.”. [1.4 2014] Amendment of section 13V 15. Section 13V(15) of the principal Act is amended — (a) by deleting the definitions of “ “client”, “foreign law firm”, “Formal Law Alliance”, “Joint Law Venture”, “law corporation”, “law firm” and “limited liability law partnership” ” and substituting the following definitions: “ “client”, “foreign law practice”, “Formal Law Alliance”, “Joint Law Venture”, “law corporation” and “Singapore law practice” have the same meanings as in the Legal Profession Act (Cap. 161);”; and (b) by deleting the definition of “law practice” and substituting the following definition: “ “law practice” means a Singapore law practice, foreign law practice, Formal Law Alliance or Joint Law Venture;”. [Gazette date] Amendment of section 13X 16. Section 13X of the principal Act is amended by deleting the words “31st March 2014” in subsections (2) and (2A), and substituting in each case the words “31 March 2019”.
2014_ITA_Clause2to72.docx