Singapore legislation
Clause 10
Clause 10
Amendment of section 14I
(1)
Section 14I of the principal Act is amended —
by inserting, immediately after subsection (6AA), the following subsection:“(6AB) For the purposes of subsections (5) and (6) —
a reference to a loan is to a loan that has been disbursed by the bank or qualifying finance company, but does not include —
a loan to and placement with any financial institution in Singapore or any other country;
a loan to the Government or the government of any other country;
a loan to and placement with the Monetary Authority of Singapore or the central bank or other monetary authority of any other country; (iv)a loan to any statutory body or corporation guaranteed by the Government or the government of any other country; or
such other loan or advance as may be prescribed by rules made under section 7; and
a reference to securities does not include securities issued or guaranteed by the Government or the government of any other country.”;
by deleting the definition of “loan” in subsection (7) and substituting the following definition:“ “loan” means any loan, advance or credit facility made or granted by a bank or qualifying finance company, including an overdraft;”;
by deleting the full‑stop at the end of the definition of “qualifying profit” in subsection (7) and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “securities” means debentures, bonds or notes.”; and
by deleting subsection (8).
(2)
Subsection (1)(a) has effect for the year of assessment 2023 and subsequent years of assessment, and subsection (1)(b), (c) and (d) has effect for the year of assessment 2022 and subsequent years of assessment.