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 18/04/2013.
43G.
—(1) Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate be levied and paid for each year of assessment upon such income as he may specify of a company derived from —
(a)
the operation of its approved Finance and Treasury Centre in respect of such qualifying activities carried out on its own account as may be prescribed; or
(b)
such prescribed qualifying services as may be provided by its approved Finance and Treasury Centre to —
(i)
its offices and associated companies outside Singapore; or
(ii)
such of its offices and associated companies in Singapore as are approved on or after 18th February 2005,
and those regulations may provide for the deduction of losses otherwise than in accordance with section 37(3).
[20/91; 34/2005]
(2) The concessionary rate of tax referred to in subsection (1) shall apply to an approved Finance and Treasury Centre —
(a)
in respect of any qualifying service only where the qualifying service and the office or associated company to whom the service is rendered have been approved in relation to that Centre for such concessionary rate;
(b)
in respect of any qualifying activity only where the qualifying activity has been approved in relation to that Centre for such concessionary rate; and
(c)
subject to such conditions as the Minister or such person as he may appoint may impose.
(3) In this section —
“associated company”, in relation to a company with an approved Finance and Treasury Centre, means a company —
(a)
the operations of which are or can be controlled, directly or indirectly, by the company with the approved Centre;
(b)
which controls or can control, directly or indirectly, the operations of the company with the approved Centre; or
(c)
the operations of which are or can be controlled, directly or indirectly, by a person or persons who control or can control, directly or indirectly, the operations of the company with the approved Centre;
“Finance and Treasury Centre” means a division or department of a company which provides treasury, investment or financial services in Singapore for its offices or its associated companies.
[34/2005]
(4) For the purposes of subsection (3), a company shall be deemed to be an associated company in relation to a company with an approved Finance and Treasury Centre if —
(a)
at least 25% of the total number of its issued shares are beneficially owned, directly or indirectly, by the company with the approved Centre; or
(b)
at least 25% of the total number of issued shares of the company with the approved Centre are beneficially owned, directly or indirectly, by the first-mentioned company.
[34/2005]
(5) No Finance and Treasury Centre may be approved as an approved Finance and Treasury Centre under this section after 31st March 2016.
[22/2011 wef 20/12/2011]