Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) (Amendment) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 02 Mar 2007

No. S 100

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) (Amendment) Regulations 2007

In exercise of the powers conferred by section 43R of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) (Amendment) Regulations 2007 and shall be deemed to have come into operation on 1st November 2006.

Amendment of Schedule

2. The Schedule to the Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) Regulations 2005 (G.N. No. S 348/2005) is amended —

(a)

by inserting, immediately after paragraph 5, the following paragraph:

“5A. In connection with financial activities relating to insurance —

(a)	claims management and processing services;
(b)	loss adjusting services;
(c)	policy issuance, processing, administration, renewal and collection services;
(d)	risk modeling and related services;
(e)	run-off management and related services.”; and

(b)

by deleting the words “paragraphs 1 to 5” in paragraph 6 and substituting the words “paragraphs 1 to 5A”.

Made this 27th day of February 2007.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 32.019.2873 V1; AG/LEG/SL/134/2005/3 Vol. 1]

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