Concessionary rate of tax for Asian Currency Unit, Fund Manager and securities company
43A.—(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 the Minister may specify of —
(a)a financial institution derived by it from the operation of its Asian Currency Unit;
(b)a Fund Manager;
(c)a company whose business includes dealing in securities and which is licensed as a dealer under the Securities Industry Act (Cap. 289) or is exempted from holding a dealer’s licence under that Act,
approved by the Minister or such person as he may appoint.
[1/88]
(2)  Regulations made under subsection (1) may provide for exemption from tax of any income referred to in that subsection and for deductions otherwise than in accordance with section 37(2).
(3)  Regulations made under subsection (1) may provide for exemption from tax of such income as the Minister may specify of —
(a)a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved by the Monetary Authority of Singapore; and
(b)a company approved under subsection (1)(c),
derived by it from any approved syndicated offshore credit or guarantee facility or any other syndicated offshore credit or guarantee facility which satisfies the prescribed criteria and for deduction of losses otherwise than in accordance with section 37(2).
[31/98; 32/99]