Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 4) Notification 2003

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2003

No. S 644

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 4) Notification 2003

In exercise of the powers conferred by section 13(4) of the Income Tax Act, the Minister for Finance hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 4) Notification 2003 and shall be deemed to have come into operation on 20th May 2002.

Definitions

2. In this Notification —

“Approved Derivatives Trader” means —

(a)	an Approved Securities Company; or
(b)	an Asian Currency Unit of a financial institution,

approved during the period from 20th May 2002 to 31st December 2003 (both dates inclusive) as an Approved Derivatives Trader for a period not exceeding 5 years by the Minister or such person as he may appoint;

“Approved Securities Company” and “financial derivatives” have the same meanings as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003).

Exemption

3. Subject to —

(a)	such conditions as may be imposed by the Minister or such person as he may appoint; and
(b)	such declaration (in relation to transactions with related parties) as may be required by the Comptroller or the Monetary Authority of Singapore for the purpose of this Notification,

there shall be exempt from tax any payment made on over-the-counter financial derivatives in currencies other than Singapore dollars by an Approved Derivatives Trader to a person who is neither resident in Singapore nor a permanent establishment in Singapore.

Made this 29th day of December 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.2421 Vol. 2; AG/LEG/SL/134/2002/11 Vol. 2]

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