On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 18/04/2013.
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 such income as the Minister may specify 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.
[27/2009 wef 01/04/2008]
[34/2008 wef 01/04/2008]
(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).
[34/2008 wef 01/04/2008]
(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.
[34/2008 wef 01/04/2008]
(4) Approval may be granted under this section between 1st April 2008 and 31st March 2017.
[22/2011 wef 20/12/2011]
[34/2008 wef 01/04/2008]
(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).
[34/2008 wef 01/04/2008]