Income Tax (Adjustment for Change of Basis of Computing Profit, Loss or Expense of Financial Instruments resulting from FRS 109 or SFRS(I) 9) Regulations 2020

  Table of Contents

  Enacting Formula

1 Citation and commencement

2 Definitions

3 Transition from tax treatment under section 34A of Act to tax treatment under section 34AA of Act

4 Transition from other tax treatment to tax treatment under section 34AA of Act

5 Prescribed amount of gain or loss on disposal of equity instrument on revenue account measured at fair value through other comprehensive income

6 Additional amount treated as income under section 34AA(7) of Act or allowable as deduction under section 34AA(10) of Act due to capital loss or gain, where financial instrument had not been disposed of

7 Additional amount treated as income under section 34AA(7) of Act or allowable as deduction under section 34AA(10) of Act due to revenue gain or loss, where financial instrument had not been disposed of

8 Additional amount treated as income under section 34AA(7) of Act or allowable as deduction under section 34AA(10) of Act due to capital loss or gain, where financial instrument had been disposed of

9 Additional amount treated as income under section 34AA(7) of Act or allowable as deduction under section 34AA(10) of Act due to revenue gain or loss, where financial instrument had been disposed of