Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) (Amendment) Notification 2024

Status:

Published in Subsidiary Legislation Supplement
on 03 Oct 2024

No. S 770

Income Tax Act 1947

Income Tax
(Payment by Bank in Singapore to Bank
outside Singapore — Section 13(4) Exemption)
(Amendment) Notification 2024

In exercise of the powers conferred by section 13(4) of the Income Tax Act 1947, the Minister for Finance makes the following Notification:

Citation and commencement

1.—(1) This Notification is the Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) (Amendment) Notification 2024.

(2) Paragraph 2(1) is deemed to have come into operation on 1 July 2021.

(3) Paragraph 2(2) is deemed to have come into operation on 31 December 2021.

(4) Paragraph 3(b) and (c) is deemed to have come into operation on 4 November 2022.

(5) Paragraph 3(a) and (d) comes into operation on 3 October 2024.

Amendment of paragraph 2

2.—(1) In the Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 (G.N. No. S 769/2024), in paragraph 2, replace the definition of “bank in Singapore” with —

“ “bank in Singapore” means —

(a)	a bank that holds a licence granted under section 7 or 79 of the Banking Act (Cap. 19, 2008 Revised Edition); or
(b)	a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;”.

(2) In the Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024, in paragraph 2, in the definition of “bank in Singapore” —

(a)	in paragraph (a), replace “(Cap. 19, 2008 Revised Edition)” with “1970”; and
(b)	in paragraph (b), after “Banking Act”, insert “1970”.

Amendment of paragraph 3

3. In the Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024, in paragraph 3 —

(a)

in sub-paragraph (1), replace “and (3)” with “, (3) and (4)”;

(b)

in sub-paragraph (1)(c), delete “or” at the end;

(c)

in sub-paragraph (1), after sub-paragraph (c), insert —

“(ca)

is liable to be made —

(i)	under a contract which is varied, where the variation takes effect on a date which falls within the period from 4 November 2022 to 31 December 2031 (both dates inclusive); and
(ii)	on or after the date on which the variation takes effect; or”; and

(d)

after sub-paragraph (3), insert —

“(4) The exemption in sub‑paragraph (1) does not apply to any qualifying payment liable to be made —

(a)	under a contract mentioned in sub‑paragraph (1)(b), (c) or (ca), that is varied with effect from a date on or after 1 January 2032; and
(b)	on or after the date on which the variation takes effect.”.

Made on 1 October 2024.

LAI CHUNG HAN

Permanent Secretary (Development),
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/12]

Search within Legislation