Stamp Duties (Amendment) Bill

Bill No. 15/1986

Read the first time on 5th May 1986.

An Act to amend the Stamp Duties Act (Chapter 147 of the Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Stamp Duties (Amendment) Act 1986 and shall be deemed to have come into operation on 8th March 1985.

Amendment of section 35

2. Section 35 of the Stamp Duties Act is amended —

(a)

by deleting the word “or” at the end of paragraph (f);

(b)

by deleting the full-stop at the end of paragraph (g) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:

“(h)	any instrument which relates to any offshore credit facility given by a financial institution through its Asian Currency Unit, either alone or in conjunction with other financial institutions; and any instrument for the transfer, assignment or other disposition of any right or interest (whether such facility is drawn down or not) under any such instrument to an Asian Currency Unit of another financial institution or to a person outside Singapore;
(i)	any instrument which relates to any offshore facility (whether underwritten or not) for the issue of bonds, notes, certificates of deposit or other instruments of indebtedness arranged by a financial institution through its Asian Currency Unit, either alone or in conjunction with other financial institutions, for any person outside Singapore to be used outside Singapore; and any instrument for the transfer, assignment or other disposition of any right or interest (whether such facility is drawn down or not) under any such instrument to an Asian Currency Unit of another financial institution or to a person outside Singapore; and
(j)	any instrument for the transfer, assignment or other disposition of any right or interest made by a person outside Singapore under any offshore credit facility (whether such facility is drawn down or not) or any offshore facility (whether such facility is underwritten or not) for the issue of bonds, notes, certificates of deposit or other instruments of indebtedness to an Asian Currency Unit of a financial institution in Singapore.”; and

(c)

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:

“(2) For the purposes of this section —

“offshore credit facility” means any loan or advance or facility whereby any fund, guarantee or letter of credit is made available to any person outside Singapore to be used outside Singapore;

“person outside Singapore” includes a branch outside Singapore of a company resident in Singapore.”.

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