Singapore legislation

Clause 12

of Income Tax (Amendment No. 2) Bill

Clause 12

Amendment of section 14

Section 14(1) of the principal Act is amended —

(a)

by deleting paragraph (a) and substituting the following paragraph:“(a)except as provided in this section —

(i)

any sum payable by way of interest; and

(ii)

any sum payable in lieu of interest or for the reduction thereof, as may be prescribed by regulations (including the restriction of the deduction of the sum in respect of money borrowed before the basis period relating to the year of assessment 2008),upon any money borrowed by that person where the Comptroller is satisfied that such sum is payable on capital employed in acquiring the income;”; and

(b)

by deleting the comma at the end of sub-paragraph (F) of proviso (i) to paragraph (e) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraph:“(G)commencing on or after 1st July 2007 shall not exceed 141/2%,”.

Read in full context — Income Tax (Amendment No. 2) Bill →