No. S 98
Income Tax Act
(Chapter 134)
Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2007
In exercise of the powers conferred by section 43N of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:
Citation and commencement
1.—(1)  These Regulations may be cited as the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) (Amendment) Regulations 2007.
(2)  Regulation 2 shall be deemed to have come into operation on 17th February 2006.
(3)  Regulation 3 shall be deemed to have come into operation on 13th February 2007.
Amendment of regulation 3
2.  Regulation 3 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations (Rg 32) is amended by deleting paragraph (ab) and substituting the following paragraph:
“(ab)subject to section 43N(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35), any discount derived by a company from any qualifying debt securities which are —
(i)issued during the period from 27th February 2004 to 16th February 2006 and mature within one year from the date of issue; or
(ii)issued during the period from 17th February 2006 to 31st December 2008;”.
Amendment of regulation 6
3.  Regulation 6 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations is amended by deleting paragraph (2) and substituting the following paragraph:
“(2)  Section 37B of the Act shall apply to any amount of allowances and losses available as a deduction against any other income as provided under paragraph (1)(d) as if they were unabsorbed allowances or losses in respect of the income of a company subject to tax at a lower rate of tax under that section; and for this purpose the rate of tax shall be taken to be the concessionary rate of tax in accordance with regulations made under section 43N of the Act.”.
[G.N. Nos. S 214/2001; S 349/2005; S 51/2006]

Made this 27th day of February 2007.

TEO MING KIAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[MF(R) R032.19.2871 V5; AG/LEG/SL/134/2005/1 Vol. 1]
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