Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) (Amendment No. 2) Regulations 1996

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Published in Subsidiary Legislation Supplement
on 07 Dec 1996

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No. S 522

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) (Amendment No. 2) Regulations 1996

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

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) (Amendment No. 2) Regulations 1996 and shall have effect for the year of assessment 1997 and subsequent years of assessment.

2. Regulation 3 of the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations is amended —

(a)

by deleting sub-paragraph (ii) of paragraph (m) and substituting the following sub-paragraph:

“(ii)

an Asian Currency Unit of another financial institution; and”;

(b)

by deleting the full-stop at the end of paragraph (u) and substituting a semicolon, and by inserting immediately thereafter the following paragraphs:

“(v)

services as a broker on behalf of an Asian Currency Unit of another financial institution or an approved securities company in connection with the sale of the securities specified in paragraph (k) which are owned by that Asian Currency Unit of the other financial institution or that approved securities company to —

(i)	a person who is neither a resident of nor a permanent establishment in Singapore;
(ii)	an Asian Currency Unit of another financial institution;
(iii)	another approved securities company; or
(iv)	a foreign investor as defined in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations where such sale is transacted through a Fund Manager approved under section 43A(1)(b) of the Act; [Rg 8.]

(w)

services as a nominee or custodian on behalf of an Asian Currency Unit of another financial institution or an approved securities company in connection with transactions relating to the securities specified in paragraph (k) which are owned by that Asian Currency Unit of the other financial institution or that approved securities company.”.

[Rg 10.]

[G.N. Nos.]

[S 502/93]

[S 56/95]

[S 180/96]

3. The Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations are amended by inserting, immediately after regulation 6, the following regulation:

“6A. For the purposes of regulation 6, any payment made by an Asian Currency Unit of a financial institution to an Asian Currency Unit of another financial institution for services rendered under regulation 3(w) or to an approved securities company for services rendered under regulation 2(1)(f) of the Income Tax (Concessionary Rate of Tax for Approved Securities Companies) Regulations shall be deductible only against income chargeable to tax at the rate of 10%.”.

[Rg 9.]

Made this 2nd day of December 1996.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,

Singapore.

[MF(R) R32.19.05; AG/SL/10/95/1 Vol. I]