/akn/sg/act/sub_leg/1947/ITA-R6
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Income Tax (Provisions by Banks) (Definition of Loan) Rules is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-R6 1947, currently marked in force and first recorded in 1947.
Citation
These Rules may be cited as the Income Tax (Provisions by Banks) (Definition of Loan) Rules and shall have effect for each year of assessment between the years of assessment 1992 and 2023 (both years inclusive).
Exclusion of certain advances from definition of loan
For the purposes of paragraph (e) of the definition of “loan” in section 14I(6) of the Act, “loan” means any loan or advance made or granted by a bank, including an overdraft, except for any advance made on the discounting or purchase of any bill of exchange which —
is denominated in Singapore dollars and accepted or endorsed by any bank in Singapore;
arises from a genuine trade transaction and is payable within 3 months of acceptance or endorsement; and
qualifies as a liquid asset under Notice to Banks MAS 613 issued by the Monetary Authority of Singapore pursuant to section 39 of the Banking Act [Cap. 19].