Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2005

Status:

Published in Subsidiary Legislation Supplement
on 19 Apr 2005

No. S 254

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2005

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 Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2005.

(2) Regulation 2 shall be deemed to have come into operation on 27th February 2004.

(3) Regulation 3 shall be deemed to have come into operation on 30th December 2003.

Amendment of regulation 2

2. Regulation 2 of the Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) Regulations 2003 (G.N. No. S 639/2003) is amended by deleting paragraph (a) of the definition of “approved derivative product” and substituting the following paragraph:

“(a)

is denominated —

(i)	in the case of a transaction in the derivative product carried out during the period from 1st January 2002 to 26th February 2004 (both dates inclusive), in any foreign currency; and
(ii)	in the case of a transaction in the derivative product carried out on or after 27th February 2004, in any currency;”.

Amendment of regulation 3

3. Regulation 3 of the Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) Regulations 2003 is amended by deleting the words “section 43 (1) (b)” in paragraph (e) (i) and substituting the words “section 43A (1) (b)”.

[G.N. No. S 300/2004]

Made this 13th day of April 2005.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF R032.019.2420V2; AG/LEG/SL/134/2002/14 Vol. 2]

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