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 derived before 1st January 2004 as the Minister may specify of —
(a)a financial institution with an Asian Currency Unit;
(b)a Fund Manager;
(c)a company holding a capital markets services licence under the Securities and Futures Act (Cap. 289) to deal in securities or that is exempted under that Act from holding such a licence,
approved by the Minister or such person as he may appoint.
[1/88; 42/2001; 37/2002; 21/2003]
(2)  Regulations made under subsection (1) may provide for —
(a)exemption from tax of any income referred to in that subsection;
(b)exemption from tax of such income as the Minister may specify of —
(i)a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved by the Monetary Authority of Singapore; and
(ii)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 made before 1st January 2004 which satisfies the prescribed criteria; and
(c)deduction of losses otherwise than in accordance with section 37(3).
[31/98; 32/99; 21/2003]