Calculation of dividends, qualifying return in lieu of interest and gains from sale of offshore investments for approved takaful insurer
—(1) The dividends and qualifying return in lieu of interest under regulation 4A(1)( b)(ii) derived by an approved takaful insurer for the basis period for any year of assessment shall be ascertained by the formula —
is the amount of the gross contributions received or receivable during the basis period in respect of insurance contracts underwritten by the approved takaful insurer in the course of carrying on its business in Singapore from the offshore life takaful business; and
Po, Pi, I and X
have the same meanings as in regulation 5(1).
(2) The gains or profits from the sale of offshore investments under regulation 4A(1)(b)(ii) derived by an approved takaful insurer for the basis period for any year of assessment shall be ascertained by the formula —
where Po and Pi
have the same meanings as in paragraph (1); and
has the same meaning as in regulation 5(2).
(3) For the purposes of paragraphs (1) and (2), where the Comptroller is satisfied that any part of the shareholders’ funds of the approved takaful insurer is not required to support its offshore life takaful business, he may adopt such reduced amount of income of I or K as appears to him to be reasonable in the circumstances..