Income Tax (Concessionary Rate of Tax for Approved Finance and Treasury Centre) (Amendment) Regulations 2003

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Published in Subsidiary Legislation Supplement
on 27 Oct 2003

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No. S 492

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Approved Finance and Treasury Centre) (Amendment) Regulations 2003

In exercise of the powers conferred by section 43G 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 Finance and Treasury Centre) (Amendment) Regulations 2003.

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

(3) Regulation 3 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 Finance and Treasury Centre) Regulations (Rg 18) is amended —

(a)

by deleting paragraphs (iv) and (v) of the definition of “qualifying 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 Finance and Treasury Centre; 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 Finance and Treasury Centre which is not an approved office or associated company of the approved Finance and Treasury Centre;

(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 Finance and Treasury Centre which is not an approved office or associated company of the approved Finance and Treasury Centre;”; and

(b)

by inserting the word “and” at the end of paragraph (vi) of the definition of “qualifying activities”, 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 Schedule

3. The Schedule to the Income Tax (Concessionary Rate of Tax for Approved Finance and Treasury Centre) 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.”.

[G.N. No. S 483/99]

Made this 16th day of October 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.16.060 Vol. 3; AG/LEG/SL/134/2002/7 Vol. 1]