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 06/12/2007.
3. Section 10 of the principal Act is amended —
(a)
by inserting, immediately after subsection (8), the following subsections:
“(8A) For the purpose of subsection (1)(d) —
(a)
any discount on any debt security shall be deemed to accrue when the debt security is redeemed;
(b)
subject to any exemption from tax provided under this Act, the discount shall be deemed to be income chargeable to tax of the holder of the debt security immediately before such redemption; and
(c)
the discount on any debt security shall be deemed to be an amount equal to the difference between —
(i)
the amount payable to the holder of the debt security upon the maturity or any earlier redemption of the debt security; and
(ii)
the amount paid by the first holder of the debt security for the issue of the debt security.
(8B) In subsection (8A), “debt security” has the same meaning as in section 43N(4).”;
(b)
by deleting the word “and” at the end of subsection (20A)(f);
(c)
by deleting the comma at the end of paragraph (g) of subsection (20A) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:
“(h)
prepayment fee, redemption premium and break cost from qualifying debt securities issued during the period from 15th February 2007 to 31st December 2008; and
(i)
such other income directly attributable to qualifying debt securities issued on or after a prescribed date, as may be prescribed by regulations,”;
(d)
by inserting, immediately after the definition of “approved CPF unit trust” in subsection (23), the following definitions:
“ “break cost”, “prepayment fee” and “redemption premium” have the same meanings as in section 13(16);”; and
(e)
by inserting, immediately after subsection (26), the following subsections:
“(27) Where any income is derived by a special purpose vehicle under any approved Islamic debt securities arrangement entered into on or after 17th February 2006, the income shall be deemed to have been derived at the end of the arrangement by the originator of the arrangement.
(28) In subsection (27) —
“approved” means approved by the Minister or such person as he may appoint, subject to such conditions as the Minister or person may impose;
“Islamic debt securities” has the same meaning as in section 43N(4);
“Islamic debt securities arrangement” means an arrangement under which —
(a)
immovable properties in Singapore are acquired by a special purpose vehicle from a person (referred to in this subsection and subsection (27) as the originator) where the acquisition is funded through the issuance of Islamic debt securities by the special purpose vehicle;
(b)
the immovable properties are leased by the special purpose vehicle to the originator; and
(c)
the immovable properties are reacquired by the originator upon the maturity of the Islamic debt securities;
“special purpose vehicle” means a company whose only business is to acquire the originator’s immovable properties in Singapore, lease them back to the originator and transfer such properties to the originator upon the maturity of the Islamic debt securities.”.