On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 18/04/2013.
43N.
—(1) Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon —
(a)
interest derived by any company from any qualifying debt securities;
(aa)
discount derived by any company from —
(i)
any qualifying debt securities issued during the period from 27th February 2004 to 16th February 2006 which mature within one year from the date of issue of those securities; or
(ii)
any qualifying debt securities issued during the period from 17th February 2006 to 31st December 2013;
[34/2008 wef 16/12/2008]
(ab)
any amount payable to any company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2013;
[34/2008 wef 16/12/2008]
(ac)
any prepayment fee, redemption premium or break cost derived by any company from qualifying debt securities issued during the period from 15th February 2007 to 31st December 2013;
[34/2008 wef 16/12/2008]
(ad)
such other income derived by any company that is directly attributable to qualifying debt securities issued on or after a prescribed date, as may be prescribed by regulations;
(b)
income derived by any financial institution from trading in any debt securities during the period from 28th February 1998 to 31st December 2003; and
(c)
income derived by any financial institution during the period commencing from the first day of its basis period for the year of assessment 2001 to 31st December 2003 from —
(i)
providing services as an intermediary in connection with any transaction involving interest rate or currency swaps; and
(ii)
trading in interest rate or currency swaps.
[31/98; 24/2000; 21/2003; 49/2004; 34/2005; 7/2007; 53/2007]
(2) Subsection (1)(a), (aa), (ab), (ac) or (ad), as the case may be, shall not, unless otherwise approved by the Minister or such person as he may appoint, apply to —
(a)
any interest derived from any qualifying debt securities issued during the period from 10th May 1999 to 31st December 2013;
[34/2008 wef 16/12/2008]
(b)
any discount from —
(i)
any qualifying debt securities issued during the period from 27th February 2004 to 16th February 2006 which mature within one year from the date of issue of those securities; or
(ii)
any qualifying debt securities issued during the period from 17th February 2006 to 31st December 2013;
[34/2008 wef 16/12/2008]
(c)
any amount payable from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2013;
[34/2008 wef 16/12/2008]
(d)
any prepayment fee, redemption premium or break cost from qualifying debt securities issued during the period from 15th February 2007 to 31st December 2013; and
(e)
such other income directly attributable to qualifying debt securities issued on or after a prescribed date, as may be prescribed by regulations,
where 50% or more of the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue by related parties of the issuer of those securities and where such income is derived by —
(A)
any company which is a related party of the issuer of those securities; or
(B)
any company where the funds used by such company to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.
[49/2004; 34/2005; 7/2007; 53/2007]
(2A) Subsection (1) shall not apply to income from qualifying debt securities derived by a financial sector incentive (standard tier) company.
[29/2010 wef 22/11/2010]
(3) Regulations made under subsection (1) may provide for exemption from tax of —
(a)
income derived before 1st January 2004 by any financial institution from arranging, underwriting or distributing any qualifying debt securities; and
(b)
income derived by a primary dealer from trading in any Singapore Government securities during the period from 27th February 1999 to 31st December 2013,
[34/2008 wef 16/12/2008]
and for deduction of losses otherwise than in accordance with section 37(3).
[32/99; 21/2003]
(4) In this section —
“break cost”, “financial institution”, “prepayment fee”, “qualifying debt securities”, “redemption premium” and “related party” have the same meanings as in section 13(16);
“debt securities” means bonds, notes, commercial papers, treasury bills and certificates of deposits;
“financial sector incentive (standard tier) company” means a financial sector incentive company within the meaning of section 43Q(3), being one that has been approved by the Minister or such person as he may appoint as a financial sector incentive (standard tier) company;
[29/2010 wef 22/11/2010]
“Islamic debt securities” means debt securities and trust certificates —
(a)
which are endorsed by any Shari’ah council or body, or by any committee formed for the purpose of providing guidance on compliance with Shari’ah law; and
(b)
the amounts payable from such securities and trust certificates are periodic and supported by a regular stream of receipts from underlying assets;
“primary dealer” means any financial institution specified in the First Schedule to the Government Securities Regulations (Cap. 121A, Rg 1);
“Singapore Government securities” means debt securities issued under the Government Securities Act (Cap. 121A), the Local Treasury Bills Act (Cap. 167) or any other written law, and shall be deemed to include any issue of bills and notes by the Monetary Authority of Singapore that are approved by the Minister for the purposes of this Act;
[22/2011 wef 25/04/2011]
“trust certificates” means certificates evidencing beneficial ownership in underlying assets.
[31/98; 32/99; 34/2005; 53/2007]
(5) Subsections (1)(a), (aa), (ab), (ac) and (ad) and (2) and regulations made thereunder shall apply to a body of persons for the year of assessment 2010 and subsequent years of assessment.
[27/2009 wef Y/A 2010 & Sub Ys/A]