Singapore legislation
Clause 6
of Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill
Clause 6
Amendment of section 59
Section 59 of the principal Act is amended —
by deleting subsection (1) and substituting the following subsection:“(1) Notwithstanding section 43(1)(b) of the Income Tax Act [Cap. 134], the Minister may, subject to subsection (3), if he is satisfied that it is expedient in the public interest to do so, by an endorsement to that effect on the approved foreign loan certificate, exempt from tax or authorise that tax at such concessionary rate as specified in the certificate be levied and paid upon any interest on an approved foreign loan payable to a foreign lender.”;
by deleting subsection (2); and
by deleting the words “subsection (2),” in the third line of subsection (3) and substituting the words “subsection (1)”.