Clause 6

Any individual who, in any year of assessment, is not resident in Singapore shall, if the tax payable by him in respect of that year is attributable in whole or in part to interest on moneys held on deposit in an approved bank in Singapore, be allowed relief in respect of that year in the following manner: —

where the only source of income in Singapore is such moneys on deposit, by reduction of the rate of tax to ten per centum on every dollar of the chargeable income;

where such person possesses any other source of income in Singapore and the total assessable income exceeds the statutory income attributable to such moneys on deposit, by reduction of the rate of tax to ten per centum on such part of the chargeable income as bears the same proportion to the total chargeable income as the statutory income attributable to such moneys on deposit bears to the total assessable income;

where such person possesses any other source of income in Singapore and the total assessable income is equal to or less than the statutory income attributable to such moneys on deposit, by reduction of the rate of tax to ten per centum on every dollar of the chargeable income.(2) Where any person is entitled to relief under this section and is also entitled to relief under either subsection (1) or (2A) of section 40 of this Ordinance, he shall be entitled to whichever relief is the greater in respect of the income to which this section relates.(3) In this section —“approved bank” means a bank in Singapore approved by the Minister by order published in the Gazette;“statutory income attributable to such moneys on deposit” means the statutory income derived from source ascertained in accordance with subsection (1), (6) or (7) (as appropriate) of section 35 of this Ordinance;“total assessable income” means the remainder of the statutory income of any person after the deductions allowed under paragraphs (a) and (b) of subsection (2) of section 37 of this Ordinance have been made.”.