Income Tax (Approved Investment Companies) (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 27 Oct 2003

No. S 491

Income Tax Act

(Chapter 134)

Income Tax (Approved Investment Companies) (Amendment) Regulations 2003

In exercise of the powers conferred by section 10A 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 (Approved Investment Companies) (Amendment) Regulations 2003 and shall be deemed to have come into operation on 23rd November 2001.

Amendment of regulation 2

2. Regulation 2 of the Income Tax (Approved Investment Companies) Regulations (Rg 11) is amended —

(a)

by deleting the word “securities” wherever it appears in paragraphs (2) and (3) and substituting in each case the words “securities (other than transferred securities and equivalent securities)”;

(b)

by inserting, immediately after paragraph (3), the following paragraph:

“(3A) Where an approved investment company is a transferee which has disposed of its transferred securities or its equivalent securities —

(a)	the whole amount of gains or profits derived from the disposal of such securities shall be chargeable to tax in accordance with section 10N(3) of the Act;
(b)	the whole amount of losses arising from the disposal of such securities shall be deductible in accordance with section 10N(3) of the Act against gains or profits chargeable to tax; and
(c)	the Schedule shall not apply in determining the gains or profits chargeable to tax or the losses deductible, as the case may be, arising from the disposal of such securities.”; and

(c)

by inserting, immediately after paragraph (5), the following paragraph:

“(6) In this regulation —

“equivalent securities” has the same meaning as in section 10N(12) of the Act;

“transferred securities” means the transferred securities referred to in paragraph (a)(i) of the definition of “securities lending or repurchase arrangement” in section 10N(12) of the Act.”.

Amendment of regulation 3

3. Regulation 3 of the Income Tax (Approved Investment Companies) Regulations is amended by deleting the words “these Regulations” and substituting the words “regulation 2 (2) and (3)”.

Made this 16th day of October 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.18 Vo1. 5; AG/LEG/SL/134/2002/6 Vol. 1]

Search within Legislation