Amendments
The e-Tax Guide has been updated with the following changes:
• Amended paragraph 6.21 and row 3(ii) of Annex B, and added footnotes 20 and 57, for clarity and to clarify the tax treatment for certain reversal amounts of impairment
• Amended paragraph 6.22 and inserted paragraph 6.23 to extend the tax treatment for a transfer of credit-impaired loans on revenue account, to a transferor (not being a bank nor a finance company) who is in the business of lending money
• Renumbered existing paragraphs 6.23 to 6.34 to paragraphs 6.24 to 6.35 due to the insertion of a new paragraph 6.23.
• Amended paragraph 6.24 for clarity
• Amended paragraph 6.28 to reflect the renumbered paragraph number
• Amended the table at paragraph 7.1 to clarify the value of assets to be used in the TAM and to reflect the renumbered footnote number
• Amended paragraph 10.1 to update the cross-references made to the IRAS e-Tax Guide “Income Tax Implications Arising from the Adoption of FRS 39 – Financial Instruments: Recognition & Measurement”
