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Contents  

Long Title

Part I PRELIMINARY

Part II ADMINISTRATION

Part III IMPOSITION OF INCOME TAX

Part IV EXEMPTION FROM INCOME TAX

Part V DEDUCTIONS AGAINST INCOME

Part VI CAPITAL ALLOWANCES

Part VII ASCERTAINMENT OF CERTAIN INCOME

Part VIII ASCERTAINMENT OF STATUTORY INCOME

Part IX ASCERTAINMENT OF ASSESSABLE INCOME

Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS

Part XI RATES OF TAX

Part XII DEDUCTION OF TAX AT SOURCE

Part XIII ALLOWANCES FOR TAX CHARGED

Part XIV RELIEF AGAINST DOUBLE TAXATION

Part XV PERSONS CHARGEABLE

Husband and wife

Trustees, agents and curators

Part XVI RETURNS

Part XVII ASSESSMENTS AND OBJECTIONS

Part XVIII APPEALS

Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX

Part XX OFFENCES AND PENALTIES

Part XXA EXCHANGE OF INFORMATION UNDER AVOIDANCE OF DOUBLE TAXATION ARRANGEMENTS AND EXCHANGE OF INFORMATION ARRANGEMENTS

Part XXB INTERNATIONAL AGREEMENTS TO IMPROVE TAX COMPLIANCE

Part XXI MISCELLANEOUS

FIRST SCHEDULE Institution, authority, person or fund exempted

SECOND SCHEDULE Rates of tax

THIRD SCHEDULE Repealed

FOURTH SCHEDULE Name of bond, securities, stock or fund

FIFTH SCHEDULE Child relief

SIXTH SCHEDULE Number of years of working life of asset

SEVENTH SCHEDULE Advance rulings

EIGHTH SCHEDULE Information to be included in a request for information under Part XXA

Legislative History

Comparative Table

Comparative Table

 
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amend   07/09/2000
Concessionary rate of tax for income derived from debt securities
43N.
—(1)  Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon —
(a)
interest derived by any company from any qualifying debt securities;
(b)
income derived by any financial institution from trading in any debt securities during the period from 28th February 1998 to 27th February 2003; and
[31/98]
(c)
income derived by any financial institution during the period commencing from the first day of its basis period for the year of assessment 2001 to 27th February 2003 from —
(i)
providing services as an intermediary in connection with any transaction involving interest rate or currency swaps; and
(ii)
trading in interest rate or currency swaps.
(1A)  Subsection (1)(a) shall, unless otherwise approved by the Minister or such person as he may appoint, not apply to any interest derived from any qualifying debt securities issued during the period from 10th May 1999 to 27th February 2003 where 50% or more of the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue by related parties of the issuer of those securities and where such interest is derived by —
(a)
any company which is a related party of the issuer of those securities; or
(b)
any company where the funds used by such company to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.
[32/99]
(2)  Regulations made under subsection (1) may provide for exemption from tax of —
(a)
income derived by any financial institution from arranging, underwriting or distributing any qualifying debt securities; and
(b)
income derived by a primary dealer from trading in any Singapore Government securities during the period from 27th February 1999 to 27th February 2003,
and for deduction of losses otherwise than in accordance with section 37(2).
[32/99]
(3)  In this section —
“debt securities” means bonds, notes, commercial papers, treasury bills and certificates of deposits;
“financial institution”, “qualifying debt securities” and “related party” have the same meanings as in section 13(11);
“primary dealer” means any financial institution specified in the First Schedule to the Government Securities Regulations (Cap. 121A, Rg 1);
“Singapore Government securities” means debt securities issued under the Government Securities Act (Cap. 121A), the Local Treasury Bills Act (Cap. 167) or any other written law.
[31/98; 32/99]
Show Difference
reved   30/12/1999
Concessionary rate of tax for income derived from debt securities
43N.
—(1)  Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon —
(a)
interest derived by any company from any qualifying debt securities; and
(b)
income derived by any financial institution from trading in any debt securities during the period from 28th February 1998 to 27th February 2003.
[31/98]
(1A)  Subsection (1)(a) shall, unless otherwise approved by the Minister or such person as he may appoint, not apply to any interest derived from any qualifying debt securities issued during the period from 10th May 1999 to 27th February 2003 where 50% or more of the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue by related parties of the issuer of those securities and where such interest is derived by —
(a)
any company which is a related party of the issuer of those securities; or
(b)
any company where the funds used by such company to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.
[32/99]
(2)  Regulations made under subsection (1) may provide for exemption from tax of —
(a)
income derived by any financial institution from arranging, underwriting or distributing any qualifying debt securities; and
(b)
income derived by a primary dealer from trading in any Singapore Government securities during the period from 27th February 1999 to 27th February 2003,
and for deduction of losses otherwise than in accordance with section 37(2).
[32/99]
(3)  In this section —
“debt securities” means bonds, notes, commercial papers, treasury bills and certificates of deposits;
“financial institution”, “qualifying debt securities” and “related party” have the same meanings as in section 13(11);
“primary dealer” means any financial institution specified in the First Schedule to the Government Securities Regulations (Cap. 121A, Rg 1);
“Singapore Government securities” means debt securities issued under the Government Securities Act (Cap. 121A), the Local Treasury Bills Act (Cap. 167) or any other written law.
[31/98; 32/99]