Singapore legislation

Clause 28

of Income Tax (Amendment) Bill

Clause 28

Amendment of section 42

Section 42 of the principal Act is amended —

(a)

by deleting the words “; and where such rate exceeds 28% it shall be reduced to 28%” in subsection (2);

(b)

by deleting the word “and” at the end of subsection (6)(a);

(c)

by deleting the full-stop at the end of paragraph (b) of subsection (6) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)any amount payable from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2008.”;

(d)

by deleting the word “and” at the end of subsection (7)(a);

(e)

by deleting the comma at the end of paragraph (b) of subsection (7) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)any amount payable from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2008,”;

(f)

by deleting the words “or discount” in the 13th line of subsection (7) and substituting the words “, discount or amount payable”; and

(g)

by deleting subsection (8) and substituting the following subsection:“(8) In this section —“Islamic debt securities” has the same meaning as in section 43N(4);“qualifying debt securities” and “related party” have the same meanings as in section 13(16).”.

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