Clause 8

Section 43A of the principal Act is amended by inserting, immediately after the word “Minister” in the last line, the following words:“; and those regulations may provide for exemption from tax of any income arising from syndicated offshore loans where the syndication work is carried out in Singapore, and, notwithstanding section 37(2), for the deduction of any loss arising from such syndicated offshore loans to be made only against the income so exempted”.