On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 06/12/2007.
25. Section 43 of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsection:
“(1) Subject to section 40, there shall be levied and paid for each year of assessment upon the chargeable income of —
(a)
every company, tax at the rate of 18% on every dollar of the chargeable income thereof;
(b)
every individual or Hindu joint family not resident in Singapore, tax at the rate of 20% on every dollar of the chargeable income thereof; and
(c)
every other person not resident in Singapore, trustee (other than the trustee of an incapacitated person) and executor, tax at the rate of 18% on every dollar of the chargeable income thereof.”;
(b)
by deleting sub-paragraphs (ii) and (iii) of subsection (2A)(a) and substituting the following sub-paragraphs:
“(ii)
income that is ancillary to the management or holding of immovable property but not including gains from the disposal of immovable property and Singapore dividends;
(iii)
income (excluding Singapore dividends) that is payable out of rental income or income from the management or holding of immovable property in Singapore, but not out of gains from the disposal of such immovable property;
(iv)
distribution from an approved sub-trust of the real estate investment trust out of income referred to in paragraph (b)(i) and (ii);”;
(c)
by deleting paragraph (b) of subsection (2A) and substituting the following paragraphs:
“(b)
in the case of any approved sub-trust of a real estate investment trust, any income from any trade or business carried on by the trustee, other than the following income distributed by the trustee to the trustee of the real estate investment trust:
(i)
rental income or income from the management or holding of immovable property but not including gains from the disposal of immovable property;
(ii)
income that is ancillary to the management or holding of immovable property but not including gains from the disposal of immovable property and Singapore dividends; or
(c)
in the case of any other trust, any income from any trade or business carried on by the trustee.”;
(d)
by deleting the words “and (iii)” in subsection (3B) and substituting the words “, (iii) and (iv)”;
(e)
by inserting, immediately after subsection (3B), the following subsection:
“(3C) Notwithstanding anything in this Act, tax at the rate of 18% shall be levied and paid on the gross amount of any Singapore dividends paid during the period from 1st January 2007 to 31st December 2007 by a company resident in Singapore to a person (being an individual or a Hindu joint family) not resident in Singapore unless such person elects for such income to be taxed under subsection (1)(b).”;
(f)
by deleting “2002” in subsection (6) and substituting “2008”;
(g)
by deleting “$90,000” in subsection (6)(b) and substituting “$290,000”;
(h)
by deleting subsection (6A) and substituting the following subsection:
“(6A) Notwithstanding subsections (1) and (6), for each of the first 3 years of assessment, falling in or after the year of assessment 2008, of a qualifying company, there shall be levied and paid upon the chargeable income of the company tax at the rate prescribed in subsection (1)(a) on every dollar of the chargeable income thereof except that —
(a)
every dollar of the first $100,000 of the chargeable income (excluding Singapore dividends) shall be exempt from tax; and
(b)
for every dollar of the next $200,000 of the chargeable income (excluding Singapore dividends), only 50% shall be charged with tax.”;
(i)
(j)
by inserting, immediately before the definition of “first 3 years of assessment” in subsection (10), the following definition:
“ “approved sub-trust”, in relation to a real estate investment trust, means any trust —
(a)
not listed on the Singapore Exchange or elsewhere;
(b)
where the trustee of the real estate investment trust holds any right or interest in the property of the trust for the benefit of the beneficiaries of the real estate investment trust; and
(c)
approved by the Comptroller;”.