Singapore legislation
Clause 39
of Economic Expansion Incentives (Relief from Income Tax) Bill
Clause 39
Exemption of additional interest on approved foreign loan from tax
(1)
Subject to subsection (2) of this section, section 38 of this Act shall apply to any additional interest payable on an approved foreign loan by reason of any arrangement whereby the period within which such loan must be repaid in full has been extended:Provided that the rate of interest payable in respect of any such extended period shall not, without the prior sanction of the Minister, be higher than the rate of interest specified in the certificate relating to the approved foreign loan.
(2)
Any company making any such arrangement shall give notice thereof in writing to the Minister within thirty days from the date on which such arrangement has been made.