Clause 11

Section 43A of the principal Act is amended by deleting the words “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” and substituting the words “such income and for the deduction of losses otherwise than in accordance with section 37(2)”.