No. S 567
Income Tax Act
Income Tax (Concessionary Rate of Tax on Dividends — Aircraft Leasing Company) Order 2008
1. This Order may be cited as the Income Tax (Concessionary Rate of Tax on Dividends — Aircraft Leasing Company) Order 2008 and shall be deemed to have come into operation on 1st March 2007.
Concessionary tax rate on specified dividends received by resident approved aircraft leasing company
—(1) Subject to such conditions as may be imposed by the Minister, tax at a concessionary rate specified in paragraph (2) shall be levied on specified dividends derived from any country outside Singapore which is not exempt from tax under section 13(8) of the Act and received in Singapore by an approved aircraft leasing company.
(2) For the purposes of paragraph (1), the concessionary rate of tax on specified dividends shall be —
(3) In this paragraph —
“approved aircraft leasing company” means an aircraft leasing company approved under section 43Y of the Act;
“specified dividend” means dividends paid by a special purpose company not resident in Singapore;
“special purpose company” means any company that carries on the business of leasing of any aircraft or aircraft engine, at least 25% of the total number of issued shares of which are beneficially owned, directly or indirectly, by any approved aircraft leasing company.
Made this 30th day of October 2008.
TEO MING KIAN
Ministry of Finance,
[MF(R) 32.18.14 Pt2 V8; AG/LEG/SL/134/2005/42 Vol. 1]