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No. S 254

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Simex Members) (Amendment) Regulations 2001

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

Citation and commencement

1.—(1) These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for SIMEX Members) (Amendment) Regulations 2001 and shall, with the exception of regulations 8 (b) and 10, be deemed to have come into operation on 1st December 1999.

(2) Regulation 8(b) shall be deemed to have come into operation on 7th May 1998.

(3) Regulation 10 shall be deemed to have come into operation on 1st January 1999.

Amendment of heading

2. The Income Tax (Concessionary Rate of Tax for SIMEX Members) Regulations (Rg 16) (referred to in these Regulations as the principal Regulations) are amended by deleting the words “SIMEX MEMBERS” in the heading and substituting the words “FUTURES MEMBERS OF THE SINGAPORE EXCHANGE”.

Amendment of regulation 1

3. Regulation 1 of the principal Regulations is amended by deleting the words “SIMEX Members” and substituting the words “Futures Members of the Singapore Exchange”.

Amendment of regulation 2

4. Regulation 2 of the principal Regulations is amended —

(a)

by inserting, immediately above the definition of “foreign investor”, the following definition:

“ “corporate futures member” means a futures member of the Singapore Exchange whose membership is of the class or description known as “corporate membership” ;”;

(b)

by deleting the words “member of SIMEX” in paragraphs (a)(ii) and (b)(ii) of the definition of “relevant transaction” and substituting the words “futures member of the Singapore Exchange”; and

(c)

by deleting the definition of “SIMEX” and substituting the following definition:

“ “SGX futures contract” means a contract traded on the futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.”.

Amendment of regulation 3

5. Regulation 3 of the principal Regulations is amended by deleting the words “member of SIMEX” in paragraphs (1) and (2) and substituting in each case the words “futures member of the Singapore Exchange”.

Amendment of regulation 4

6. Regulation 4 of the principal Regulations is amended —

(a)

by deleting the words “SIMEX corporate member” in the 3rd line of paragraph (1) and substituting the words “corporate futures member”;

(b)

by deleting the words “SIMEX corporate member” in paragraph (1)(a) and substituting the words “corporate futures member”;

(c)

by deleting sub-paragraph (b) of paragraph (1) and substituting the following sub-paragraph:

“(b)

the company is among the top 20 corporate futures members as determined by the Singapore Exchange Limited in respect of the total volume of transactions (excluding trades cleared for other futures members of the Singapore Exchange) in SGX futures contracts in the year immediately preceding the year in which trading of the designated futures commences on the futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.”; and

(d)

by deleting the word “SIMEX” in the definitions of “designated futures” and “qualifying year of assessment” in paragraph (2) and substituting in each case the words “the futures market maintained by the Singapore Exchange Limited or any of its subsidiaries”.

Amendment of regulation 5

7. Regulation 5 of the principal Regulations is amended by deleting the words “member of SIMEX” in paragraph (b) and substituting the words “futures member of the Singapore Exchange”.

Amendment of Second Schedule

8. The Second Schedule to the principal Regulations is amended —

(a)

by deleting item 5 and substituting the following item:

“5. The futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.”; and

(b)

by deleting item 11 and substituting the following item:

“11. Eurex.”.

Amendment of Third Schedule

9. The Third Schedule to the principal Regulations is amended by deleting item 3 and substituting the following item:

“3. The futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.”.

Amendment of Fourth Schedule

10. The Fourth Schedule to the principal Regulations is amended by inserting, immediately after item 9, the following item:

“10. Euro.”.

[G.N. No. S 482/99]

Made this 3rd day of May 2001.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.06 V.6; AG/LEG/SL/134/97/9 Vol. 2]