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Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024

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Type
Subsidiary Legislation
Status
In force
Enacted
1947
Sections
2

Quick answer

About this subsidiary legislation

Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S873-2024 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation, commencement and application

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These Rules are the Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 and come into operation on 20 November 2024.(2) These Rules have effect for the year of assessment 2024 and subsequent years of assessment.

Subregulation 1

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These Rules are the Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 and come into operation on 20 November 2024.

Subregulation 2

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These Rules have effect for the year of assessment 2024 and subsequent years of assessment.

Regulation 2

Exclusion of certain advances under section 14G(6AB)(a)(v) of Act

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Subregulation 1

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For the purposes of section 14G(5) and (6) of the Act, a reference to a loan does not include an advance made on the discounting or purchase of any bill of exchange by a bank or qualifying finance company which —

(a)

is denominated in Singapore dollars and accepted or endorsed by any bank in Singapore;

(b)

arises from a genuine trade transaction and is payable within 3 months of acceptance or endorsement; and (c)qualifies as a liquid asset —

(i)

for banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 649, issued by the Monetary Authority of Singapore, as amended from time to time;

(ii)

for merchant banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 1015, issued by the Monetary Authority of Singapore, as amended from time to time; and

(iii)

for qualifying finance companies —– under paragraph 2 of the notice commonly known as MAS Notice 806, issued by the Monetary Authority of Singapore, as amended from time to time.

Subregulation 2

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For the purpose of this rule, “bank”, “Monetary Authority of Singapore” and “qualifying finance company” have the meanings given by section 14G(7) of the Act.

Common questions

What is Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024?
Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S873-2024 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 still in force?
Yes — Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 is currently in force.
When did Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 take effect?
Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 was first recorded in 1947.
How many regulations does Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 have?
Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 contains 2 regulations.
Where can I read the official version of Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024?
The official text of Income Tax (Provisions by Banks and Qualifying Finance Companies) (Advance that is not Loan) Rules 2024 is published at sso.agc.gov.sg.