Clause 52

for any part of the period for which interest is payable (called in this subsection the interest period) up to and including 30 June 2016, 5% per annum;

for any part of the interest period that is later but falling before the publication date, the average of the prime lending rates for such months in the previous year as are prescribed by rules made under section 7;

for any part of the interest period falling on or after the publication date but within the period between 1 January and 31 March (both dates inclusive) of any year, the prime lending rate for the year that is 2 years before that year; or

for any part of the interest period falling on or after the publication date but within the period between 1 April and 31 December (both dates inclusive) of any year, the prime lending rate for the previous year.(10) In subsection (9), “publication date” means the date the Income Tax (Amendment No. 3) Act 2016 is published in the Gazette.(11) In subsection (9)(c) and (d), the prime lending rate for any year is the average of the prime lending rates for the months of October, November and December of that year, or such other months prescribed by rules made under section 7 in their place, of such financial institution or financial institutions in Singapore as the Minister may determine, rounded to the nearest 0.5%, or another percentage prescribed by rules made under that section in its place.”.