Income Tax Act |
Income Tax (Concessionary Rate of Tax for Approved Offshore General Insurers) Regulations |
Rg 26 |
G.N. No. S 211/1995 |
REVISED EDITION 2001 |
(31st May 2001) |
[5th May 1995] |
Citation |
1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Offshore General Insurers) Regulations and shall have effect for the year of assessment 1996 and subsequent years of assessment. [S 79/2009, wef Y/A 2005 & Sub Ys/A] |
Definitions |
2. In these Regulations —
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Approval of insurer |
Previously approved insurers |
3A.—(1) Where an insurer registered under the Insurance Act (Cap. 142) was, on 31st March 2010, an approved insurer under regulation 3 as in force before 1st April 2010, it shall remain approved as an approved insurer under regulation 3 until 1st August 2010 unless —
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Approval of marine hull and liability insurer |
4. The Minister or such person as he may appoint may, upon application by any approved insurer and if he considers it expedient in the public interest to do so, approve the insurer as an approved marine hull and liability insurer for such period not exceeding 10 years as he may specify. [S 79/2009, wef Y/A 2005 & Sub Ys/A] |
Approval of captive insurer |
4A.—(1) The Minister or such person as he may appoint may, upon application by any captive insurer and if he considers it expedient in the public interest to do so, during the period from 17th February 2006 to 16th February 2011, approve the insurer as an approved captive insurer.
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Approval of specialised insurer |
4B.—(1) The Minister or such person as he may appoint may, upon application by any insurer underwriting offshore qualifying specialised insurance risks and if he considers it expedient in the public interest to do so, during the period from 1st September 2006 to 31st August 2011 approve the insurer as an approved specialised insurer.
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Approval of takaful insurer |
4C.—(1) The Minister or such person as he may appoint may, upon application by any insurer registered under the Insurance Act (Cap. 142) to carry on general takaful business and if he considers it expedient in the public interest to do so, during the period from 1st April 2008 to 31st March 2013, approve the insurer as an approved takaful insurer for the purposes of these Regulations.
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Concessionary rate of tax for approved insurer |
5.—(1) Subject to regulation 5A, 7, 7A or 7B, tax shall be payable at the rate of 10% on the following income derived by an approved insurer:
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Concessionary rate of tax for income of approved takaful insurer |
5A.—(1) Notwithstanding regulation 5 and subject to regulations 7, 7A and 7B, tax shall be payable at the rate of 5% on the following income derived by an approved takaful insurer:
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Calculation of dividends, interest and gains from sale of offshore investments for approved insurer |
6.—(1) Subject to regulation 6A, the dividends and interest under regulation 5(1)(b)(ii) derived by an approved insurer for the basis period for any year of assessment shall be ascertained by the formula —
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Calculation of dividends, qualifying return in lieu of interest and gains from sale of offshore investments for approved takaful insurer |
6A.—(1) The dividends and qualifying return in lieu of interest under regulation 5A(1)(b)(ii) derived by an approved takaful insurer for the basis period for any year of assessment shall be ascertained by the formula —
[S 213/2013 wef 19/02/2011]
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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:
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Income of approved captive insurer exempt from tax |
7A.—(1) There shall be exempt from tax the following income derived by an approved captive insurer (including one who is also an approved insurer) for the basis period for any year of assessment —
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Income of approved specialised insurer exempt from tax |
7B.—(1) There shall be exempt from tax the following income derived by an approved specialised insurer (including one who is also an approved insurer) for the basis period for any year of assessment —
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Apportionment of expenses, allowances and donations |
8.—(1) Any item of expenditure not directly attributable to the offshore general insurance business of an approved insurer, and capital allowances and donations, allowable to the insurer under the Act, shall be apportioned between such business and the other general insurance business of the approved insurer; and the portion attributable to such business shall be ascertained by using the fraction —
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Determination of income exempted from tax |
9.—(1) In determining the income of an approved marine hull and liability insurer, an approved captive insurer or an approved specialised insurer to be exempted from tax under regulation 7, 7A or 7B, as the case may be —
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