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No. S 51

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2006

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.—(1) These Regulations may be cited as the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2006 and shall, with the exception of regulation 4, be deemed to have come into operation on 1st January 2005.

(2) Regulation 4 shall be deemed to have come into operation on 26th January 2006.

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 “debt securities”, “primary dealer” and “Singapore Government securities” and substituting the following definitions:

“ “debt securities”, “Islamic debt securities”, “primary dealer” and “Singapore Government securities” have the same meanings as in section 43N of the Act;”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended by inserting, immediately after paragraph (ab), the following paragraph:

“(ac)

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 amount payable to any company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2008;”.

Amendment of regulation 5

4. Regulation 5 of the principal Regulations is amended by deleting the words “section 37 (3) of” in paragraph (b).

Amendment of regulation 7

5. Regulation 7 of the principal Regulations is amended by inserting, immediately after paragraph (1A), the following paragraph:

“(1B) The concessionary rate of tax referred to in regulation 3 (ac) shall not apply to any amount payable to a company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 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]

Made this 25th day of January 2006.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF (R)32.19.2871 V4; AG/LEG/SL/134/2005/1 Vol. 1]