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 06/12/2007.
28. The principal Act is amended by inserting, immediately after section 43X, the following sections:
43Y.
—(1) Notwithstanding section 43, tax at the rate of 10% or 5% as the Minister (or such person as the Minister may appoint) may specify, shall be levied and paid for each year of assessment upon the income of an approved aircraft leasing company accruing in or derived from Singapore in respect of leasing of any aircraft or aircraft engine or such other activity as may be prescribed by regulations.
(2) The concessionary rate of tax referred to in subsection (1) shall apply to an approved aircraft leasing company subject to such conditions as the Minister or such person as he may appoint may impose.
(3) Tax at the concessionary rate of the income of an approved aircraft leasing company under subsection (1) shall be for a period not exceeding 5 years, except that the Minister or such person as he may appoint may extend that period for a further period or periods, each of which shall not exceed 5 years.
(4) Approval may be granted under this section between 1st March 2007 and 29th February 2012.
(5) In determining the income of an approved aircraft leasing company from the leasing of any aircraft or aircraft engine —
(a)
the allowances under section 19, 19A, 20, 21, 22 or 23 shall be taken into account notwithstanding that no claim for such allowances has been made;
(b)
the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of finance leasing in any year of assessment shall be deducted against the income from such leasing for that year of assessment, and any balance of the allowances shall not, subject to paragraph (c), be available as a deduction against any other income or be available for transfer under section 37C;
(c)
where the approved aircraft leasing company ceases to derive income from finance leasing in the basis period for any year of assessment, any balance of the allowances in respect of finance leasing after the deduction against the income from such leasing shall be available as a deduction against any other income for that year of assessment and for any subsequent year of assessment in accordance with section 23; and
(d)
the Comptroller shall determine the manner and extent to which —
(i)
allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and
(ii)
any loss may be deducted under section 37.
(6) Subsection (5) shall apply, with the necessary modifications, in determining the income of an approved aircraft leasing company from any activity prescribed by regulations made under subsection (1) as if such income were income from operating leasing.
(7) In this section —
“aircraft leasing company” means a company incorporated and resident in Singapore or a registered business trust, carrying on a business of leasing aircraft or aircraft engines;
“approved” means approved by the Minister or such person as he may appoint;
“finance leasing”, in relation to any aircraft or aircraft engine, means a lease of the aircraft or aircraft engine (including any arrangement or agreement in connection with the lease) which has the effect of transferring substantially the obsolescence, risks or rewards incidental to ownership of such aircraft or aircraft engine to the lessee;
“leasing of any aircraft or aircraft engine” means the leasing of any aircraft or aircraft engine, other than one which has been treated as though it had been sold pursuant to regulations made under section 10D(1);
“operating leasing”, in relation to any aircraft or aircraft engine, means the leasing of the aircraft or aircraft engine, other than finance leasing.
43Z.
—(1) Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved aircraft investment manager derived by it on or after 1st March 2007 from —
(a)
managing an approved aircraft leasing company; or
(b)
such other services or activities carried out for an approved aircraft leasing company as may be prescribed by regulations.
(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).
(3) The concessionary rate of tax referred to in subsection (1) shall apply to an approved aircraft investment manager subject to such conditions as the Minister or such person as he may appoint may impose.
(4) Approval may be granted under this section between 1st March 2007 and 29th February 2012.
(5) In this section —
“aircraft investment manager” means any company incorporated in Singapore;
“aircraft leasing company” has the same meaning as in section 43Y;
“approved” means approved by the Minister or such person as he may appoint.”.