Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2001

Status:

Published in Subsidiary Legislation Supplement
on 10 Apr 2001

No. S 214

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2001

In exercise of the powers conferred by section 43N 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 (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2001.

Amendment of regulation 3

2. Regulation 3 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations (Rg 32, 2001 Ed.) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraph (a) and substituting the following paragraphs:

“(a)	any interest derived by a company on or after 28th February 1998 from any qualifying debt securities issued during the period from 28th February 1998 to 25th April 1999;
(aa)	subject to section 43N(1A) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations 2001 (G.N. No. S 212/2001), any interest derived by a company on or after 26th April 1999 from any qualifying debt securities issued during the period from 26th April 1999 to 27th February 2003;”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended by deleting paragraph (a) and substituting the following paragraphs:

“(a)	any income derived by a financial institution on or after 28th February 1998 from arranging, underwriting and distributing any qualifying debt securities issued during the period from 28th February 1998 to 25th April 1999;
(aa)	subject to regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations 2001 (G.N. No.S 212/2001), any income derived by a financial institution on or after 26th April 1999 from arranging, underwriting and distributing any qualifying debt securities issued during the period from 26th April 1999 to 27th February 2003; and”.

New regulation 7

4. The principal Regulations are amended by inserting, immediately after regulation 6, the following regulation:

“Requirement to submit returns

7. In the case of debt securities issued during the period from 26th April 1999 to 27th February 2003, regulations 3 (aa) and 4 (aa) shall not apply where the issuer of such qualifying debt securities, or such other person as the Comptroller may direct, has not furnished to the Comptroller a return on the debt securities within such period as the Comptroller may specify and such other particulars in connection with those securities as the Comptroller may require.”.

Made this 4th day of April 2001.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R 32.12.0016 V.008; AG/LEG/SL/134/97/9 Vol. 2]

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