Income Tax (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) (Amendment) Regulations 2011

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Published in Subsidiary Legislation Supplement
on 22 Jan 2009

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No. S 155

Income Tax Act

(Chapter 134)

Income Tax (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) (Amendment) Regulations 2011

In exercise of the powers conferred by section 26(10) 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 (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) (Amendment) Regulations 2011 and shall be deemed to have come into operation on 22nd January 2009.

Amendment of regulation 2

2. Regulation 2 of the Income Tax (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) Regulations 2009 (G.N. No. S 273/2009) is amended —

(a)

by deleting the formula “A + B — C” in the definition of “qualifying amount” and substituting the following formula:

(A + B — C) + D

(b)

by deleting the word “and” at the end of the explanation for “B” in the definition of “qualifying amount”; and

(c)

by deleting the full-stop at the end of the explanation for “C” in the definition of “qualifying amount” and substituting the word “; and”, and by inserting immediately thereafter the following explanation:

D is —

(a)

if the insurer is an amalgamated company in a qualifying amalgamation referred to in section 34C of the Act, the sum total of such qualifying amounts of all the amalgamating companies in the qualifying amalgamation transferred to the amalgamated company as at the day immediately before the date of amalgamation; and

(b)	if the insurer is not such an amalgamated company, zero.

Made this 18th day of March 2011.

CHAN LAI FUNG

Permanent Secretary
(Finance) (Performance),
Ministry of Finance,
Singapore.

[MF (R) R32.7.2617 Vol. 3; AG/LLRD/SL/134/2010/19 Vol. 1]