Singapore legislation
Clause 4
Clause 4
Amendment of section 12
The principal Act is hereby amended by inserting immediately after subsection (5) of section 12 thereof the following subsection: —“(6) Any income derived from loans where —
(a)
the interest is borne directly or indirectly by a person resident in Singapore or a permanent establishment in Singapore; or
(b)
the funds provided by such loans are brought into or used in Singapore,shall be deemed to be derived in Singapore.”.