Clause 16

The principal Act is amended by inserting. immediately after section 45A thereof, the following section: —“Application of section 45 to non-resident director’s remuneration45B. The provisions of section 45 of this Act shall apply in relation to the payment of any remuneration by a company to any director of the company who is not resident in Singapore as those provisions apply to any interest paid by a person to another person not known to him to be resident in Singapore and, for the purpose of such application, any reference in those provisions to interest shall be construed as a reference to such remuneration.”.