Income Tax Act |
Income Tax (Concessionary Rate of Tax for Approved Offshore General Insurers) Regulations |
Rg 26 |
G.N. No. S 210/1995 |
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 |
Approval of insurer |
3.—(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 insurance business only and if he considers it expedient in the public interest to do so, during the period from 1st April 2010 to 31st March 2015, approve the insurer as an approved insurer for the purposes of these Regulations.
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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.—(1) The Minister or such person as he may appoint may, upon application by any insurer carrying on marine hull and liability business and if he considers it expedient in the public interest to do so, approve the insurer as an approved marine hull and liability insurer.
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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 31st March 2018, approve the insurer as an approved captive insurer. [S 213/2013 wef 16/02/2011]
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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 2016 approve the insurer as an approved specialised insurer. [S 213/2013 wef 31/08/2011]
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4C. [Deleted by S 318/2016 wef 01/04/2013] |
Concessionary rate of tax for approved insurer |
5.—(1) Tax shall be payable at the rate of 10% on the following income derived by an approved insurer:
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5A. [Deleted by S 318/2016 wef 01/04/2013] |
Concessionary rate of tax for income of approved marine hull and liability insurer |
5B.—(1) Tax shall be payable at the rate of 5% on the following income derived by an approved marine hull and liability insurer to which this regulation applies, during the basis period for a year of assessment:
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Calculation of dividends, interest and gains from sale of offshore investments for approved insurer |
6.—(1) 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 —
[S 79/2009 wef Y/A 2005 & Sub Ys/A] [S 213/2013 wef 19/02/2011]
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6A. [Deleted by S 318/2016 wef 01/04/2013] |
Income of approved marine hull and liability insurer exempt from tax |
7.—(1) Where an approved marine hull and liability insurer satisfies such qualifying conditions as the Minister or such person as he may appoint may impose for the purposes of this regulation, there shall be exempt from tax the following income derived by the approved marine hull and liability insurer for the basis period for any year of assessment:
[S 213/2013 wef 19/02/2011]
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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 —
[S 79/2009 wef Y/A 2005 & Sub Ys/A]
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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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