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

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

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—(1) 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.(2) 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.

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