Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 27 May 2004

No. S 300

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2004

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. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Income from Transactions in Approved Derivative Products) (Amendment) Regulations 2004 and 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 (G.N. No. S 639/2003) is amended by deleting the definition of “member” and substituting the following definition:

“ “member” means —

(a)

where the qualifying year of assessment is the year of assessment 2003 or 2004 —

(i)	a futures member of the Singapore Exchange whose membership is of the class or description known as “corporate membership”; and
(ii)	any member of any securities market maintained by the Singapore Exchange Securities Trading Limited; and

(b)

where the qualifying year of assessment is the year of assessment 2005 or any subsequent year of assessment —

(i)	a futures member of the Singapore Exchange as defined in section 43D(4) of the Act; and
(ii)	any member of any securities market maintained by the Singapore Exchange Securities Trading Limited;”.

Made this 25th day of May 2004.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF (R32.19.2420 v2); AG/LEG/SL/134/2002/14 Vol. 1]

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