No. S 224
Income Tax Act
(Chapter 134)
Income Tax (Concessionary Rate of Tax for Approved Offshore Composite Insurers) (Amendment) (No. 2) Regulations 2009
In exercise of the powers conferred by section 43C 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 Approved Offshore Composite Insurers) (Amendment) (No. 2) Regulations 2009 and shall come into operation on 22nd May 2009.
Amendment of regulation 8
2.  Regulation 8 of the Income Tax (Concessionary Rate of Tax for Approved Offshore Composite Insurers) Regulations (Rg 27) is amended —
(a)by inserting, immediately after the words “portion attributable to such business shall” in paragraph (1), the words “, subject to paragraph (3),”;
(b)by inserting, immediately after the words “Notwithstanding paragraph (1)” in paragraph (2), the words “and subject to paragraph (3)”; and
(c)by inserting, immediately after paragraph (2), the following paragraph:
“(3)  Subject to any conditions that may be imposed by the Comptroller, alternative methods of apportionment may be applied in place of any of the prescribed fractions in paragraphs (1) and (2) if the Comptroller is satisfied that they are reasonable in the circumstances of the business of an approved insurer.”.
[G.N. Nos. S 659/2004; S 80/2009]

Made this 20th day of May 2009.

TEO MING KIAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[R32.7.6 V18; AG/LEG/SL/134/2005/38 Vol. 1]
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