Income Tax (Concessionary Rate of Tax on Dividends — Aircraft Leasing Company) Order 2008

No. S 567

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax on Dividends — Aircraft Leasing Company) Order 2008

In exercise of the powers conferred by section 13(12) of the Income Tax Act, the Minister for Finance hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Income Tax (Concessionary Rate of Tax on Dividends — Aircraft Leasing Company) Order 2008 and shall be deemed to have come into operation on 1st March 2007.

Concessionary tax rate on specified dividends received by resident approved aircraft leasing company

2.—(1) Subject to such conditions as may be imposed by the Minister, tax at a concessionary rate specified in paragraph (2) shall be levied on specified dividends derived from any country outside Singapore which is not exempt from tax under section 13(8) of the Act and received in Singapore by an approved aircraft leasing company.

(2) For the purposes of paragraph (1), the concessionary rate of tax on specified dividends shall be —

(a)	10%, where the concessionary rate of tax on the income of the company specified under section 43Y(1) of the Act is 10%; or
(b)	5%, where the concessionary rate of tax on the income of the company specified under section 43Y(1) of the Act is 5%.

(3) In this paragraph —

“approved aircraft leasing company” means an aircraft leasing company approved under section 43Y of the Act;

“specified dividend” means dividends paid by a special purpose company not resident in Singapore;

“special purpose company” means any company that carries on the business of leasing of any aircraft or aircraft engine, at least 25% of the total number of issued shares of which are beneficially owned, directly or indirectly, by any approved aircraft leasing company.

Made this 30th day of October 2008.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 32.18.14 Pt2 V8; AG/LEG/SL/134/2005/42 Vol. 1]

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