FIRST SCHEDULE
Regulation 2
Turnover of Relevant Asset
1.  Unless the circumstances otherwise require, the turnover of a relevant asset shall be limited to the amounts derived from the sale of products and the provision of services associated with the relevant asset and falling within the ordinary activities of the undertaking controlling the relevant asset, to businesses or consumers, after deduction of sales rebates, goods and services tax and other taxes directly related to turnover.
2.  Subject to paragraphs 3 to 7, the provisions of this Schedule shall be interpreted in accordance with the Singapore Financial Reporting Standards (FRS) or such other accounting standards as may be approved in any particular case by the Commission.
3.  Subject to paragraphs 5, 6 and 7, where 2 or more relevant assets are under common control, the turnover of the relevant assets shall be calculated by adding together the respective turnovers of each of the relevant assets under common control.
4.  Relevant assets shall be treated as being under common control if they are controlled by the same undertaking or by related undertakings.
5.  Subject to paragraph 6, the turnover of a relevant asset shall not include amounts derived from the sale of products or the provision of services between related undertakings.
6.  Where, as a result of an anticipated merger or a merger under section 54 (2) (a) or (b) of the Act, an undertaking (the first undertaking), in the case of an anticipated merger, will cease or, in the case of a merger, ceases, to be related with another undertaking (the second undertaking) —
(a)the Commission may include amounts derived from the sale of products or the provision of services by the first undertaking to the second undertaking prior to the merger as the turnover of the relevant asset; and
(b)if the sale of products or provision of services by the first undertaking to the second undertaking prior to the merger does not result in any turnover, or the Commission considers that the turnover attributed to them prior to the merger does not reflect open market value, the Commission may attribute such value as it considers appropriate and include the value in the calculation of the turnover of the relevant asset.
7.  In relation to section 54(2)(c) of the Act —
(a)in the case of an anticipated merger, if the products or services generated by the relevant asset to be acquired will not result in any turnover prior to the acquisition or the Commission considers that the turnover attributable to the relevant asset prior to the acquisition will not reflect open market value; or
(b)in the case of a merger, if the products or services generated by the relevant asset acquired did not result in any turnover prior to the acquisition or the Commission considers that the turnover attributed to the relevant asset prior to the acquisition does not reflect open market value,
the Commission may attribute such value as it considers appropriate and include the value in the calculation of the turnover of the relevant asset.