No. S 398
Income Tax Act
(Chapter 134)
Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2008
In exercise of the powers conferred by section 43N 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 or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2008 and shall be deemed to have come into operation on 15th February 2007.
Amendment of regulation 2
2.  Regulation 2 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations (Rg 32) (referred to in these Regulations as the principal Regulations) is amended by deleting the definitions of “ “financial institution” and “qualifying debt securities” ” and substituting the following definitions:
“ “break cost”, “financial institution”, “prepayment fee”, “qualifying debt securities” and “redemption premium” have the same meanings as in section 13(16) of the Act.”.
Amendment of regulation 3
3.  Regulation 3 of the principal Regulations is amended by inserting, immediately after paragraph (ac), the following paragraph:
“(ad)subject to section 43N(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35), any break cost, prepayment fee or redemption premium derived by a company on or after 15th February 2007 from any qualifying debt securities issued during the period from 15th February 2007 to 31st December 2008;”.
Amendment of regulation 7
4.  Regulation 7 of the principal Regulations is amended by inserting, immediately after paragraph (1B), the following paragraph:
“(1C)  The concessionary rate of tax referred to in regulation 3(ad) shall not apply to any break cost, prepayment fee or redemption premium derived by a company from any qualifying debt securities issued during the period from 15th February 2007 to 31st December 2008, where the issuer of such securities, or such other person as the Comptroller may direct, has not furnished to the Comptroller in respect of the issue of the debt securities —
(a)a return on those securities within such period as the Comptroller may specify; and
(b)such other particulars in connection with those securities as the Comptroller may require.”.
[G.N. Nos. S 214/2001; S 349/2005; S 51/2006; S 98/2007]

Made this 4th day of August 2008.

TEO MING KIAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[MF (R) 32.19.2871 V8; AG/LEG/SL/134/2005/1 Vol. 1]
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