Income Tax Act
(Chapter 134, Section 43d)
Income Tax (Concessionary Rate of Tax for Simex Members) Regulations
Rg 16
G.N. No. S 164/2004

REVISED EDITION 1992
( )
[20 November 1992]
Citation
1.  These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for SIMEX Members) Regulations and shall have effect for the year of assessment 1989 and subsequent years of assessment.
Definitions
2.  In these Regulations —
“petroleum product” means any of the products specified in the First Schedule;
“relevant transaction” means —
(a)any transaction, denominated in currencies other than Singapore dollars, in financial futures carried out in or after the basis period for the year of assessment 1985 on any exchange specified in the Second Schedule or in gold bullion or gold futures carried out in or after that basis period on any gold exchange or in any gold market with —
(i)an Asian Currency Unit of a financial institution;
(ii)another member of SIMEX;
(iii)a person who is neither a resident of nor a permanent establishment in Singapore; or
(iv)a branch office outside Singapore of a company resident in Singapore; or
(b)any transaction, denominated in currencies other than Singapore dollars, in petroleum futures including futures in petroleum products made or carried out on or after 1st January 1989 on any exchange specified in the Third Schedule with —
(i)an Asian Currency Unit of a financial institution;
(ii)another member of SIMEX;
(iii)a person who is neither a resident of nor a permanent establishment in Singapore;
(iv)a branch office outside Singapore of a company resident in Singapore; or
(v)an oil trading company approved under section 43F of the Act,
“SIMEX” means the Singapore International Monetary Exchange.
Concessionary rate of tax
3.—(1)  Tax shall be payable at the rate of 10% on dealing profits, fees and commissions from and on interest in connection with any relevant transaction derived by a company which is a member of SIMEX.
(2)  For the purposes of paragraph (1), “interest” includes interest derived in or after the basis period for the year of assessment 1993 by a company which is a member of SIMEX from deposits held by that company as a margin for any relevant transaction.
Determination of income chargeable to tax
4.  The Comptroller shall determine —
(a)the income chargeable to tax at the concessionary rate of tax under regulation 3 having regard to such expenses, donations and allowances under section 19, 19A, 20, 21, 22 or 23 of the Act as are, in his opinion, to be deducted in ascertaining such income; and
(b)the manner and extent to which any losses incurred by a company which is a member of SIMEX and arising from relevant transactions may be deducted under section 37 of the Act.
Transitional
5.  Notwithstanding the revocation of the Income Tax (Concessionary Rate of Tax for Income from Gold Bullion, Gold Futures and Financial Futures) Regulations, those Regulations shall continue to apply and have effect in respect of any relevant transaction within the meaning of those Regulations for any year of assessment before the year of assessment 1989.