Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 27 Oct 2003

No. S 490

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 2003

In exercise of the powers conferred by section 43E of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1.—(1) These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) (Amendment) Regulations 2003.

(2) Regulation 2(c) and (d) shall be deemed to have come into operation on 5th September 2000.

(3) Regulation 5 shall be deemed to have come into operation on 1st December 1999.

Amendment of regulation 2

2. Regulation 2 of the Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) Regulations (Rg 6) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting the words “section 43E(2) or (2A)” in the definition of “qualifying services” and substituting the words “section 43E(2) or (3)”;

(b)

by deleting the words “section 43E(2) or (2A)” in paragraph (iii) of the definition of “qualifying treasury investment or financial activities” and substituting the words “section 43E(2) or (3)”;

(c)

by deleting paragraphs (iv) and (v) of the definition of “qualifying treasury investment or financial activities” and substituting the following paragraphs:

“(iv)

its approved offices and associated companies, but excluding such funds borrowed or raised by the approved offices or associated companies, as the case may be, from sources other than —

(A)	financial institutions in Singapore;
(B)	banks outside Singapore;
(C)	non-bank financial institutions outside Singapore which are not offices or associated companies of the approved headquarters company; and
(D)	the issuance of any bond, note, debenture or other debt security which is not beneficially held or funded, directly or indirectly, at any time during the life of the issue by any office or associated company of the approved headquarters company which is not an approved office or associated company of the approved headquarters company;

(v)

the issuance of any bond, note, debenture or other debt security which is not beneficially held or funded, directly or indirectly, at any time during the life of the issue by any office or associated company of the approved headquarters company which is not an approved office or associated company of the approved headquarters company;”; and

(d)

by deleting the full-stop at the end of paragraph (vi) of the definition of “qualifying treasury investment or financial activities” and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:

“(vii)

non-bank financial institutions outside Singapore which are not its offices or associated companies.”.

Amendment of regulation 4

3. Regulation 4 (2) of the principal Regulations is amended —

(a)	by deleting the words “section 43E(2A)” and substituting the words “section 43E(3)”; and
(b)	by deleting the words “section 43E(2A)(a)” and substituting the words “section 43E(3)(a)”.

Amendment of regulation 6

4. Regulation 6 (1) of the principal Regulations is amended by deleting the words “section 43E (2A) (a)” in sub-paragraph (c) and substituting the words “section 43E (3) (a)”.

Amendment of Schedule

5. The Schedule to the principal Regulations is amended by deleting item 5 and substituting the following item:

“5. The futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.”.

Made this 16th day of October 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.16.060 Vol. 3; AG/LEG/SL/134/2002/5 Vol. 1]

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