6.—(1) The Income Tax (Concessionary Rate of Tax for Approved Global Trading Companies) Regulations 2003 (G.N. No. S 204/2003) (called in this regulation the revoked Regulations) are revoked.
(2) Despite paragraph (1) and these Regulations —
(a)
regulations 5 and 6 of the revoked Regulations; and
(b)
regulations 2 and 4 of the revoked Regulations, insofar as they apply to the interpretation of regulations 5 and 6 of the revoked Regulations,
continue to apply and have effect in relation to the income of an approved global trading company for the year of assessment 2015 and prior years of assessment.
(3) Subject to paragraph (4), a company is treated as an approved global trading company if —
(a)
the company was approved under regulation 3(1) of the revoked Regulations by the Minister or the appointed person; and
(b)
the approval (called in this regulation the original approval) is in force on 21 July 2016.
(4) The approval of a company treated under paragraph (3) as an approved global trading company —
(a)
is in respect of the same commodities as are specified in writing in the original approval by the Minister or the appointed person;
(b)
expires on the date on which the original approval would have expired if these Regulations had not been made; and
(c)
may be extended in accordance with regulation 3(2) as if the reference in that provision to the period mentioned in regulation 3(1) were a reference to the period of the original approval.