Income Tax (Concessionary Rate of Tax for SIMEX Members) (Amendment) Regulations 1999

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Published in Subsidiary Legislation Supplement
on 02 Nov 1999

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No. S 482

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Simex Members) (Amendment) Regulations 1999

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 SIMEX Members) (Amendment) Regulations 1999 and shall have effect for the year of assessment 1998 and subsequent years of assessment.

Amendment of regulation 2

2. Regulation 2 of the Income Tax (Concessionary Rate of Tax for SIMEX Members) Regulations (Rg 16) is amended —

(a)

by inserting, immediately before the definition of “petroleum product”, the following definition:

“ “foreign investor” has the same meaning as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations (Rg 8);”;

(b)

by deleting the word “or” at the end of paragraph (a)(iii) of the definition of “relevant transaction”;

(c)

by inserting, at the end of paragraph (a)(iv) of the definition of “relevant transaction”, the word “or”, and by inserting immediately thereafter the following sub-paragraph:

“(v)	a foreign investor where such transaction is carried out through an Asian Currency Unit of a financial institution or a fund manager approved in either case under section 13C or 43A of the Act;”;

(d)

by deleting the word “or” at the end of paragraph (b)(iv) of the definition of “relevant transaction”;

(e)

by inserting, at the end of paragraph (b)(v) of the definition of “relevant transaction”, the word “or”, and by inserting immediately thereafter the following sub-paragraph:

“(vi)

a foreign investor where such transaction is carried out through an Asian Currency Unit of a financial institution or a fund manager approved in either case under section 13C or 43A of the Act;”; and

(f)

by deleting the words “paragraph (a)(i) to (iv)” in the 5th line of paragraphs (c) and (d) of the definition of “relevant transaction” and substituting in each case the words “paragraph (a)(i) to (v)”.

Amendment of Second Schedule

3. The Second Schedule to the Income Tax (Concessionary Rate of Tax for SIMEX Members) Regulations is amended by inserting, immediately after item 10, the following items:

“11. Deutsche Terminboerse.

12. Marche a Terme International de France.”.

Made this 29th day of October 1999.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.06 Vol. 6 T1; AG/LEG/SL/134/97/9 Vol. 1]