Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 1996

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Published in Subsidiary Legislation Supplement
on 26 Apr 1996

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No. S 176

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 1996

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

1.—(1) These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 1996.

(2) Regulation 2(a) of these Regulations shall have effect for the year of assessment 1995 and subsequent years of assessment.

(3) Regulation 2(b) and (c) of these Regulations shall be deemed to have come into operation on 28th February 1995.

2. Regulation 2 of the Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) Regulations is amended —

(a)

by deleting “95%” in the second line of sub-paragraph (ii) of paragraph (n) of the definition of “qualifying services” and substituting “80%”;

(b)

by deleting sub-paragraph (iv) of the definition of “qualifying treasury, investment or financial activities” and substituting the following sub-paragraph:

“(iv)

its approved offices and associated companies, but excluding such funds borrowed from sources other than banks;”; and

(c)

by deleting the full-stop at the end of sub-paragraph (v) of the definition of “qualifying treasury, investment or financial activities” and substituting the words “; and ”, and by inserting immediately thereafter the following sub-paragraph:

“(vi)

banks outside Singapore.”.

[Rg 6.]

[G.N. No.]

[S 419/93]

Made this 18th day of April 1996.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.16.057 Vol. 11 T 3; AG/SL/10/95/1]