Clause 16
Amendment of section 43A
of Income Tax (Amendment) Bill
BillNot in forceProvision 16 of 23
Clause 16
Section 43A of the principal Act is amended by inserting, immediately after subsection (2), the following subsection: “(3) Regulations made under subsection (1) may provide for exemption from tax of such income as the Minister may specify of —
(a)
a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved by the Monetary Authority of Singapore; and
(b)
a company approved under subsection (1)(c),derived by it from any approved syndicated offshore credit or guarantee facility and for deduction of losses otherwise than in accordance with section 37(2).”.