Income Tax (Exemption and Concessionary Tax Rate for Income from Life Reinsurance Business) (Amendment) Regulations 2022

No. S 940

Income Tax Act 1947

Income Tax
(Exemption and Concessionary Tax Rate
for Income from Life Reinsurance Business)
(Amendment) Regulations 2022

In exercise of the powers conferred by section 43C of the Income Tax Act 1947, the Minister for Finance makes the following Regulations:

Citation and commencement

1.—(1) These Regulations are the Income Tax (Exemption and Concessionary Tax Rate for Income from Life Reinsurance Business) (Amendment) Regulations 2022.

(2) Regulation 4 is deemed to have come into operation on 31 December 2021.

(3) Regulations 2 and 3 come into operation on 6 December 2022.

Amendment of regulation 4

2. In regulation 4(1) of the Income Tax (Exemption and Concessionary Tax Rate for Income from Life Reinsurance Business) Regulations 2017 (G.N. No. S 608/2017) (called in these Regulations the principal Regulations) —

(a)	replace “or such person as the Minister may appoint” with “or an authorised body”; and
(b)	replace “or the person” with “or the authorised body”.

Amendment of regulation 5

3. In regulation 5(1) of the principal Regulations —

(a)	replace “or such person as the Minister may appoint” with “or an authorised body”; and
(b)	replace “or the person” with “or the authorised body”.

Replacement of references relating to Acts because of 2020 Revised Edition

4. In the principal Regulations, replace the words specified in the first column of the following table with the words specified opposite them in the second column of the table:

First column

Second column

1.	Section 37B of the Act

Section 37A of the Act

2.	Banking Act (Cap. 19)

Banking Act 1970

3.	Companies Act (Cap. 50)

Companies Act 1967

4.	section 1A of the Insurance Act (Cap. 142)

section 2 of the Insurance Act 1966

5.	section 2(1)(a) of the Insurance Act

section 3(1)(a) of the Insurance Act 1966

6.	section 8 of the Insurance Act

section 11 of the Insurance Act 1966

7.	paragraph 6A(1) of the First Schedule to the Insurance Act

paragraph 15(1) of the First Schedule to the Insurance Act 1966

8.	under the Insurance Act (Cap. 142)

under the Insurance Act 1966

9.	issued under the Insurance Act;

issued under the Insurance Act 1966;

10.	Insurance Act for its onshore life business

Insurance Act 1966 for its onshore life business

11.	Monetary Authority of Singapore Act (Cap. 186)

Monetary Authority of Singapore Act 1970

[G.N. No. S 700/2020]

Made on 4 December 2022.

LAI WEI LIN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/24 Vol. 1]

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