Singapore legislation
Clause 10
Clause 10
New section 46A
The Ordinance is hereby amended by inserting immediately after section 46 thereof the following new section: —“Special allowance for interest received as trading receipts46A.—
A person who on or after the first day of January, 1969, receives as trading receipts interest on any bonds, securities, stock or fund specified in the Fifth Schedule to this Ordinance shall be entitled to a credit of one-half of the tax chargeable on the gross amount of such interest:Provided that the credit shall not exceed the total amount of tax payable by him for that year of assessment on the gross amount of such interest which has been brought to charge.(2) The Minister may, by order published in the Gazette, add to or amend the Fifth Schedule to this Ordinance.”.