Income Tax (Income from Syndicated Offshore Credit and Underwriting Facilities) (Amendment) Regulations 2008

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Published in Subsidiary Legislation Supplement
on 17 Jan 2008

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No. S 14

Income Tax Act

(Chapter 134)

Income Tax (Income from Syndicated Offshore Credit and Underwriting Facilities) (Amendment) Regulations 2008

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

Citation

1. These Regulations may be cited as the Income Tax (Income from Syndicated Offshore Credit and Underwriting Facilities) (Amendment) Regulations 2008.

Amendment of regulation 4

2. Regulation 4 of the Income Tax (Income from Syndicated Offshore Credit and Underwriting Facilities) Regulations (Rg 4) is amended by inserting, immediately after paragraph (2), the following paragraphs:

“(3) The deduction of donations under paragraph (1) shall only be made after the deduction of the losses under paragraph (2), and a donation made on an earlier date shall be deducted before a donation made on a later date.

(4) Any balance of the losses, capital allowances and donations referred to in paragraphs (1) and (2) remaining unabsorbed on the day the financial institution or approved securities company permanently ceases to derive income from the approved syndicated offshore credit or underwriting facility or syndicated guarantee facility (as the case may be) shall be available as a deduction —

(a)

for the year of assessment which relates to the basis period in which the financial institution or approved securities company permanently ceases to derive such income, against the following income of the financial institution or approved securities company and in the following order:

(i)	any other income subject to tax at a rate of tax of 5%;
(ii)	any other income subject to tax at the rate of tax other than 5% or the rate of tax specified in section 43(1)(a) of the Act;
(iii)	any other income subject to tax at the rate of tax specified in section 43(1)(a) of the Act; and

(b)

for any subsequent year of assessment against any other income of the financial institution or approved securities company referred to in sub-paragraph (a) and in the order specified therein.

(5) Section 37B of the Act shall apply to any deduction under paragraph (4)(a) and (b) as if the balance of losses, capital allowances and donations available as a deduction under that provision were unabsorbed losses, capital allowances and donations in respect of income subject to tax at a rate of tax of 5%.

(6) Sections 23 and 37 of the Act shall apply with the necessary modifications to any deduction under paragraph (4)(b).”.

Made this 14th day of January 2008.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R 32.19.0003 Pt 2. Vol. 32; AG/LEG/SL/134/2005/28 Vol. 1]