Singapore legislation
Clause 28
Clause 28
Amendment of section 34AA
In the principal Act, in section 34AA(5) —
(a)
in paragraph (a), replace “is transferred by a qualifying person (being a bank or qualifying finance company)” with “on revenue account is transferred by a qualifying person”;
(b)
in paragraph (d), replace “a provision for a doubtful debt arising from that loan” with “the provision mentioned in paragraph (c)”; and
(c)
in paragraph (f), after “the provision”, insert “for the expected credit loss mentioned in paragraph (c) that is transferred by the transferor and allowed a deduction under paragraph (d)”.