Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation | 2001 RevEd
Exemption from income tax
7. Notwithstanding regulation 5, there shall be exempt from tax the following income derived by an approved marine hull and liability insurer for the basis period for any year of assessment:
(a)
the underwriting income derived from accepting offshore marine hull and liability business; and
(b)
such part of the income referred to in regulation 5(1)(b) as is ascertained by the formula —
where Pm
is the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from the offshore marine hull and liability business;
Po
has the same meaning as in regulation 6(1); and
A
is the total amount of the income referred to in regulation 5(1)(b) for the basis period.
Informal Consolidation | Amended S 79/2009
Exemption from tax
7.—(1) Notwithstanding regulations 5 and 5A, there shall be exempt from tax the following income derived by an approved marine hull and liability insurer for the basis period for any year of assessment:
(a)
the underwriting income derived from accepting marine hull and liability business; and
(b)
the amount of income as is ascertained by the formula —
where Pm
is the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from the offshore marine hull and liability business;
Pn
is the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from the marine hull and liability business (other than offshore marine hull and liability business);
Po and Pi
have the same meanings as in regulation 6(1);
A
is the total amount of the income referred to in regulation 5(1)(b) for the basis period; and
B
is the total amount of dividends and interest derived from outside Singapore, gains or profits realised from the sale of offshore investments, and interest from ACU deposits derived during the basis period from —
(i)
the investment of its insurance funds established and maintained under the Insurance Act (Cap.142) for the general insurance business; and
(ii)
the investment of its shareholders’ funds established in Singapore which are used to support the general insurance business,
where the gains or profits realised from the sale of offshore investments is the net amount (after deducting losses from the gains or profits) realised during the basis period from the sale of offshore investments acquired by the approved insurer less any expenses directly attributable to the production of such gains or profits allowable under the Act.
(2) Where the Comptroller is satisfied that any part of the insurance funds and shareholders’ funds is not required to support the marine hull and liability business of an approved marine hull and liability insurer, he may adopt a reduced amount of the dividends, interest and gains or profits under paragraph (1)(b) as appears to him to be reasonable in the circumstances..