On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 28/05/2009.
5.
—(1) The exemption under regulation 4 shall apply to such amount of the income of a specified financial institution from any syndicated offshore facility as may be determined by the Comptroller, having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining the amount of the income to be exempted.
(2) In determining the amount of the income to be exempted, any loss incurred in respect of a syndicated offshore facility or any capital allowances or donations attributable to that income shall only be deducted against income to be exempted under these Regulations, and any balance of such loss, capital allowances or donations, capital allowances or donations shall not be available as a deduction against any other income.
(2A) For the purposes of paragraphs (1) and (2) —
(a)
the deduction of donations shall only be made after the deduction of capital allowances and losses;
(b)
a donation made on an earlier date shall be deducted in priority over a donation made on a later date; and
(c)
the deduction of donations shall as far as possible be made against the income to be exempted from tax for the year of assessment relating to the year in which the donations were made and, so far as the deduction cannot be so made, then against the income to be exempted from tax for the subsequent year of assessment, and so on; except that any balance of the donations not deducted against the income to be exempted from tax for the fifth year of assessment after the year of assessment relating to the year in which the donations were made shall be disregarded.
(2B) Where the income to be exempted from tax under regulation 4(1) is income referred to in regulation 6(5)(b) or 7(6)(b), then the income to be so exempted shall be further reduced by the amount of deemed income referred to in regulation 6(5) or 7(6).
(2C) [Deleted by S 237/2009 wef 17/01/2008]
(2D) [Deleted by S 237/2009 wef 17/01/2008]
(3) Where the funds raised from any syndicated offshore facility are used —
(a)
solely to refinance previous borrowings; or
(b)
partly outside Singapore and partly to refinance previous borrowings,
and where —
(i)
the previous borrowings were granted by a person resident in Singapore or permanent establishment in Singapore (other than those borrowings the income derived therefrom is exempt from tax under section 43A(3) of the Act); or
(ii)
the funds raised from previous borrowings were used in Singapore,
the income of a specified financial institution in relation to that syndicated offshore facility shall, for the purpose of paragraph (1), be determined by multiplying the income from the syndicated offshore facility by (1-A/B),
where A | is the amount of the funds raised from the syndicated offshore facility used to refinance previous borrowings where — (i) the previous borrowings were granted by a person resident in Singapore or permanent establishment in Singapore (other than those borrowings the income derived therefrom is exempt from tax under section 43A(3) of the Act); or (ii) the funds raised from previous borrowings were used in Singapore; and |
B | is the total amount of the syndicated offshore facility. |