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 shall 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;
(c)deduction of losses, capital allowances and donations otherwise than in accordance with this Act;
(d)circumstances in which any losses (including impairment loss recognised under FRS 39, as defined in section 34A) incurred in respect of any facility referred to in paragraph (b), and capital allowances and donations attributable to income from such facility which has been allowed as a deduction against any income chargeable to tax, may be deemed as income chargeable to tax (at such rate as may be prescribed) for a specified basis period;
(e)adjustment of any amount deemed as income chargeable to tax referred to in paragraph (d) for the specified basis period;
(f)circumstances in which any income from any facility referred to in paragraph (b) to be exempt from tax, may be adjusted for any basis period in which the income from such facility is derived;
(g)circumstances in which any impairment loss, bad debt or provision for doubtful debt in respect of any facility referred to in paragraph (b), which has previously been allowed as a deduction against any income chargeable to tax and which is subsequently reversed, recovered or written back, may be deemed as income chargeable to tax (at such rate as may be prescribed) for any basis period in which the reversal is recognised or the recovery or write back occurs; and
(h)generally for giving full effect to or for carrying out the purposes of this section.
[31/98; 32/99; 21/2003; 34/2008]