Income Tax (Concessionary Rate of Tax for Approved Art and Antique Dealers) Regulations

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Not current version
(version history — see timeline)

Income Tax Act

(Chapter 134, Section 43L)

Income Tax (Concessionary Rate of Tax
for Approved Art and Antique Dealers)
Regulations

Rg 23

G.N. No. S 67/1994

REVISED EDITION 1995

(1st April 1995)

[25th February 1994]

Citation

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Art and Antique Dealers) Regulations and shall have effect for the year of assessment 1994 and subsequent years of assessment.

Definitions

2. In these Regulations —

“dealer” means a company dealing in works of art, precious objects or antiquities;

“qualifying services” means the services provided in arranging transactions on behalf of any person who is neither resident in Singapore nor a permanent establishment in Singapore in respect of works of art, precious objects or antiquities.

[S 489/95 wef Y/A 1996 & Sub Ys/A]

Approved dealer

3.—(1) The Minister or such other person as he may appoint may approve any dealer for the purposes of section 43L of the Act for such period not exceeding 5 years as he may specify.

(2) The Minister or such other person as he may appoint may in any particular case extend the period specified under paragraph (1) for such further periods, not exceeding 5 years at any one time, as he thinks fit.

Concessionary rate of tax

4.—(1) Tax shall be payable at the rate of 10% on the income derived by an approved dealer from the provision of qualifying services.

(2) Paragraph (1) shall apply in relation to an approved dealer from such date as the Minister or such other person as he may appoint may specify.

(3) Paragraph (1) shall not apply to any payment to an approved dealer for qualifying services which is borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore.

Determination of income chargeable to tax

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

(a)	the income chargeable to tax at the rate of 10% of an approved dealer 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 qualifying services may be deducted under section 37 of the Act in ascertaining the chargeable income of the approved dealer.

[G. N. No. S 67/1994]

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