Singapore legislation
Clause 16
Clause 16
Amendment of section 43A
Section 43A of the principal Act is amended by inserting, immediately after subsection (2), the following subsection: “(3) Regulations made under subsection (1) may provide for exemption from tax of such income as the Minister may specify of —
(a)
a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved by the Monetary Authority of Singapore; and
(b)
a company approved under subsection (1)(c),derived by it from any approved syndicated offshore credit or guarantee facility and for deduction of losses otherwise than in accordance with section 37(2).”.