On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 16/12/2008.
42. The principal Act is amended by inserting, immediately after section 43Z, the following sections:
43ZA.
—(1) Notwithstanding section 43 but subject to subsection (5), tax at the rate of 5% or 10% 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 container investment enterprise accruing in or derived from Singapore from —
(a)
the leasing of any container owned by the enterprise acquired before or during the period of approval of the enterprise referred to in subsection (4) and used for the international transportation of goods; and
(b)
foreign exchange and risk management activities which are carried out in connection with and incidental to the leasing referred to in paragraph (a).
(2) Subsection (1) shall continue to apply to a container investment enterprise the approval of which has expired or been withdrawn, but which continues to derive income of the type referred to in subsection (1) in relation to a container acquired before or during the period of approval of the enterprise, provided that the enterprise has by the date of the expiry or before the withdrawal of its approval fulfilled all the conditions referred to in subsection (4), and any reference in this section to an approved container investment enterprise shall be construed accordingly.
(3) The Minister or such person as he may appoint may, at any time between 1st April 2008 and 28th February 2011, approve a container investment enterprise for the purposes of subsection (1).
(4) The approval under subsection (3) shall be subject to such conditions, and shall be for such period not exceeding 10 years, as the Minister may specify, except that the Minister may extend the period so specified for such further period or periods as he thinks fit.
(5) The Minister or such person as he may appoint may, in respect of any container or class of containers, specify a period not exceeding a period of 15 years, during which the income from the leasing of such container or class of containers is subject to the applicable concessionary tax rate under subsection (1).
(6) In determining the income of an approved container investment enterprise from the leasing of any container —
(a)
the allowances under section 19, 19A, 20, 21, 22 or 23 shall be taken into account notwithstanding that no claim for those 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 container investment enterprise 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.
(7) In this section —
“approved” means approved by the Minister or such person as he may appoint;
“container” means a sea-container used for the international transportation of goods and that adheres to the standards defined by the Institute of International Container Lessors or the International Organization for Standardization for such sea container;
“container investment enterprise” means —
(a)
a company incorporated and resident in Singapore; or
(b)
a registered business trust;
“finance leasing”, in relation to any container, means a lease of the container (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 container to the lessee;
“registered business trust” has the same meaning as in the Business Trusts Act (Cap. 31A).
(8) In this section, a reference to the leasing of a container excludes the leasing of a container which has been treated as though it had been sold pursuant to regulations made under section 10D(1).
43ZB.
—(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 container investment manager derived by it on or after 1st April 2008 from —
(a)
managing an approved container investment enterprise; or
(b)
such other services or activities carried out for an approved container investment enterprise as may be prescribed.
(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 container 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 April 2008 and 28th February 2011.
(5) In this section —
“approved” means approved by the Minister or such person as he may appoint;
“container investment enterprise” has the same meaning as in section 43ZA;
“container investment manager” means any company incorporated in Singapore.
43ZC.
—(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 insurance broker derived by it on or after 1st April 2008 from —
(a)
the provision of direct insurance broking or reinsurance broking to any insured person or person seeking insurance coverage —
(i)
who is not resident in Singapore and who does not have any permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the premiums, brokerage fees and any other fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation; and
(b)
the provision of risk advisory services and other advisory services relating to the insurance sector to any person —
(i)
who is not resident in Singapore and who does not have any permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the service fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation.
(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 insurance broker 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 April 2008 and 31st March 2013.
(5) In this section —
“approved insurance broker” means a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker approved by the Minister or such person as he may appoint;
“direct insurance broker”, “general reinsurance broker” and “life reinsurance broker” have the same meanings as in section 1A of the Insurance Act (Cap. 142).
Concessionary rate of tax for income derived from managing qualifying registered business trust or company
43ZD.
—(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 the income derived on or after 1st April 2008 —
(a)
by an approved trustee-manager of a qualifying registered business trust from providing services in such capacity in respect of such infrastructure asset or project situated outside Singapore as may be prescribed by regulations (referred to in this section as prescribed offshore infrastructure asset or project); and
(b)
by an approved fund management company from —
(i)
managing a qualifying company in respect of any prescribed offshore infrastructure asset or project; or
(ii)
arranging, on behalf of a qualifying company, any loan of designated securities under a securities lending arrangement in writing to another qualifying company.
(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 trustee-manager or fund management company 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 April 2008 and 31st December 2011.
(5) In this section —
“approved” means approved by the Minister or such person as he may appoint;
“designated securities” means —
(a)
stocks, shares, bonds or other securities, denominated in any foreign currency, issued by a company which is neither incorporated in Singapore nor resident in Singapore; or
(b)
bonds denominated in any foreign currency issued by any foreign government;
“fund management company” means any company incorporated in Singapore;
“qualifying company”, in relation to an approved fund management company, means any company incorporated in Singapore which —
(a)
is listed or to be listed on any exchange in Singapore within one year from the date the approved fund management company is so approved; and
(b)
owns any offshore infrastructure asset or any asset used in an offshore infrastructure project, or debt securities or shares of any company that owns any offshore infrastructure asset or any asset used in an offshore infrastructure project;
“qualifying registered business trust”, in relation to an approved trustee-manager, means any registered business trust which —
(a)
is listed or to be listed on any exchange in Singapore within one year from the date the approved trustee-manager is so approved; and
(b)
owns any offshore infrastructure asset or any asset used in an offshore infrastructure project, or debt securities or shares of any company that owns any offshore infrastructure asset or any asset used in an offshore infrastructure project;
“registered business trust” and “trustee-manager” have the same meanings as in the Business Trusts Act (Cap. 31A).”.