Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2006

Status:

Published in Subsidiary Legislation Supplement
on 29 Jun 2006

No. S 385

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2006

In exercise of the powers conferred by section 13(4) of the Income Tax Act, the Minister for Finance hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2006 and shall be deemed to have come into operation on 1st January 2004.

Definitions

2. In this Notification —

“Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004;

“financial derivatives” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005);

“financial sector incentive (derivatives market) company” means a company approved as a financial sector incentive (derivatives market) company under the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005) during the period from 1st January 2004 to 19th May 2007 (both dates inclusive), and includes an Approved Derivatives Trader before 1st January 2004 deemed to be approved as a financial sector incentive (derivatives market) company under those Regulations.

Exemption

3. Subject to —

(a)	such conditions as may be imposed by the Minister; and
(b)	such declaration (in relation to transactions with related parties) as may be required by the Comptroller or the Monetary Authority of Singapore for the purpose of this Notification,

there shall be exempt from tax any payment which a company for the time being approved as a financial sector incentive (derivatives market) company is liable to pay on over-the-counter financial derivatives to a person who is neither a resident of Singapore nor a permanent establishment in Singapore.

Cancellation

4. The Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 4) Notification 2003 (G.N. No. S 644/2003) is cancelled.

Made this 22nd day of June 2006.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 32.18.2183 Vol. 7; AG/LEG/SL/134/2005/8 Vol. 1]

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