On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 16/12/2008.
6. Section 13 of the principal Act is amended —
(a)
by deleting the words “31st December 2008” in subsections (1)(a)(i) and (ii), (aa)(ii), (ab) and (ba), (2) and (16) (paragraphs (a), (b)(i), (ii)(A) and (iii) and (c)(i) and (ii) of the definition of “qualifying debt securities”) and substituting in each case the words “31st December 2013”;
(b)
by deleting the words “31st December 2008” in subsections (1)(b)(i) and (ii), (2C)(a) and (b), (2D)(a) and (b) and (16) (paragraph (a) of the definition of “qualifying project debt securities”) and substituting in each case the words “31st December 2011”;
(c)
by inserting, immediately after paragraph (bb) of subsection (1), the following paragraphs:
“(bc)
subject to subsection (2H) and such conditions as may be prescribed by regulations —
(i)
the interest, discount, prepayment fee, redemption premium and break cost derived by any person from any qualifying debt securities (excluding Singapore Government Securities) which —
(A)
are issued during the period from 16th February 2008 to 31st December 2013;
(B)
have an original maturity of not less than 10 years;
(C)
cannot be redeemed, called, exchanged or converted within 10 years from the date of their issue; and
(D)
cannot be re-opened with a resulting tenure of less than 10 years to the original maturity date; and
(ii)
such other income, as may be prescribed by regulations, derived by any person that is directly attributable to qualifying debt securities (excluding Singapore Government Securities) which —
(A)
are issued on or after such date as may be prescribed by regulations;
(B)
have an original maturity of not less than 10 years;
(C)
cannot be redeemed, called, exchanged or converted within 10 years from the date of their issue; and
(D)
cannot be re-opened with a resulting tenure of less than 10 years to the original maturity date;
(bd)
subject to subsection (2I) and such conditions as may be prescribed by regulations, any amount payable to any person from any Islamic debt securities —
(i)
which are qualifying debt securities and issued during the period from 16th February 2008 to 31st December 2013; and
(ii)
the amount payable from which is not deductible against any income of the issuer of those securities accruing in or derived from Singapore;”;
(d)
by inserting, immediately after the words “subsection (1)(b)” in subsection (2E), the words “, (bc) and (bd)”;
(e)
by inserting, immediately after subsection (2G), the following subsections:
“(2H) Subsection (1)(bc) shall not, unless otherwise approved by the Minister or such person as he may appoint, apply to any interest, discount, prepayment fee, redemption premium or break cost derived from any qualifying debt securities or such other income directly attributable to qualifying debt securities as may be prescribed by regulations under that provision where —
(a)
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
(b)
such income is derived by —
(i)
any related party of the issuer of those securities; or
(ii)
any other person where the funds used by such person to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.
(2I) Subsection (1)(bd) shall not, unless otherwise approved by the Minister or such person as he may appoint, apply to any amount payable from any Islamic debt securities which are qualifying debt securities 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 the amount is payable to —
(a)
any related party of the issuer of those securities; or
(b)
any other person where the funds used by such person to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.”;
(f)
by inserting, immediately after subsection (9), the following subsections:
“(9A) For the avoidance of doubt, in subsection (9)(a), income is subject to tax if tax has been paid, or tax (not being deferred tax) is to be paid on that income.
(9B) The Minister or such person as he may appoint may in any particular case waive the condition referred to in subsection (9)(a), subject to such conditions as he may impose.”; and
(g)
by deleting the words “or (zd)” in paragraph (b) of the definition of “deposit” in subsection (16) and substituting the words “, (ta) or (zd)”.