Income Tax (Concessionary Rate of Tax for Income from Over-The-Counter Derivatives Clearing Services) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 02 Mar 2007

No. S 96

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Income from Over-the-counter Derivatives Clearing Services) Regulations 2007

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

Citation and commencement

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Income from Over-The-Counter Derivatives Clearing Services) Regulations 2007 and shall be deemed to have come into operation on 17th February 2006.

Period of approval

2. Any approval of a clearing member of a Singapore clearing house under section 43V of the Act shall be for such period not exceeding 5 years as the Minister or person granting the approval may specify.

Concessionary rate of tax

3. Tax shall be payable at the rate of 5% for each year of assessment on the income derived by an approved clearing member of a Singapore clearing house on or after 17th February 2006 from the provision of over-the-counter derivatives clearing services using the Singapore clearing house.

Determination of income chargeable to tax

4. For the purposes of regulation 3, the Comptroller shall determine —

(a)	the income chargeable to tax of an approved clearing member of a Singapore clearing house having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining such income; and
(b)	the manner and extent to which any losses arising from the activity specified in regulation 3 may be deducted under section 37(3) of the Act in ascertaining the chargeable income of the approved clearing member of a Singapore clearing house.

Made this 27th day of February 2007.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.018.2919 V3; AG/LEG/SL/134/2005/25 Vol. 1]

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