Clause 13

by deleting paragraph (a) of subsection (1) and substituting the following paragraphs:“(a)an issue of post‑seasoning debentures offered in reliance on an exemption under the Post‑seasoning Debentures Regulations within 5 years starting from the date of issue of the corresponding seasoned debentures, being a date falling within the period between 19 May 2016 and 18 May 2021 (both dates inclusive);

by inserting, immediately after the words “the date of their issue” in subsection (1)(b), the words “(being a date falling within the period between 19 May 2016 and 18 May 2021 (both dates inclusive))”;

by inserting, immediately after subsection (1), the following subsection:“(1A) Where the Comptroller is satisfied that qualifying expenditure has been incurred on or after 19 May 2021 by a person carrying on a trade or business in Singapore in connection with —

an issue of post‑seasoning debentures offered in reliance on an exemption under the Post‑seasoning Debentures Regulations within 5 years starting from the date of issue of the corresponding seasoned debentures that is a date falling within the period between 19 May 2021 and 31 December 2026 (both dates inclusive), being post-seasoning debentures that are credit‑rated as at the date they are issued;

an issue of qualifying debentures (other than post‑seasoning debentures mentioned in paragraph (a)) during the period between 19 May 2021 and 31 December 2026 (both dates inclusive), being debentures that are credit‑rated as at the date they are issued; or

making available potential seasoned debentures for secondary trading within 5 years starting from the date of their issue that is a date falling within the period between 19 May 2021 and 31 December 2026 (both dates inclusive), being debentures that are credit‑rated as at the date they are so made available,that person is to be allowed —

where the expenditure is allowable as a deduction under section 14 — a further deduction of the amount of the expenditure; or

where the expenditure is not allowable as a deduction under section 14 — a deduction equal to twice the amount of the expenditure.”;

by inserting, immediately before the definition of “offering document” in subsection (6), the following definition:“ “credit‑rated”, in relation to qualifying debentures, means qualifying debentures that are given at least one credit rating by Fitch Ratings, Moody’s, or Standard & Poor (S&P) Global;”; and

by deleting the definition of “qualifying debentures” in subsection (6) and substituting the following definition:“ “qualifying debentures” means —

potential seasoned debentures;

post‑seasoning debentures offered in reliance on an exemption under the Post‑seasoning Debentures Regulations; or

straight debentures offered in reliance on an exemption under the Straight Debentures Regulations;”.