Long Title

Enacting Formula

Amendment of section 43Q
43.  Section 43Q of the principal Act is amended —
(a)
by deleting the words “or 10%” in subsection (1) and substituting the words “, 10% or 12%”; and
(b)
by inserting, immediately after subsection (2), the following subsection:
(2A)  Regulations under subsection (1) may make transitional provisions to apply the rate of tax of 12% to —
(a)
a futures member of the Singapore Exchange referred to in section 43D; and
(b)
a member of the corporation known as the Singapore Commodity Exchange Ltd referred to in section 43K,
which has given notice within a specified period to the Monetary Authority of Singapore for the purposes of the application of these transitional provisions, in respect of its income derived on or after 1st January 2011 but on or before 31st December 2013 from specified qualifying activities.”.