Comparison View

Formal Consolidation |  2001 RevEd
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:
(a)the income derived from accepting general takaful business covering offshore risks and general re-takaful business covering offshore risks;
(b)the income from insurance funds established and maintained for offshore life takaful policies computed in accordance with section 26(7)(a)(i) of the Act (but excluding the investment income and gains or profits derived from the sale of investments and other income, whether derived from Singapore or elsewhere, of any life insurance fund established under the Insurance Act (Cap. 142) relating to offshore life takaful contracts); and
(c)the dividends and qualifying return in lieu of interest derived from outside Singapore, the gains or profits realised from the sale of offshore investments, and qualifying return in lieu of interest from ACU deposits derived from —
(i)subject to paragraph (2), the investment of its insurance fund established and maintained under the Insurance Act for the offshore general takaful business or offshore life takaful business; and
(ii)the investment of its shareholders’ funds established in Singapore which are used to support the offshore general takaful business or offshore life takaful business as ascertained under regulation 6A.
(2)  Where the Comptroller is satisfied that any part of the insurance fund referred to in sub-paragraph (c)(i) of paragraph (1) is not required to support the offshore general takaful business or offshore life takaful business of an approved takaful insurer, he may adopt such reduced amount of the dividends, qualifying return in lieu of interest and gains or profits under that sub-paragraph as appears to him to be reasonable in the circumstances.
[S 747/2010 wef 01/04/2008]
Informal Consolidation | Amended S 319/2016
5A.  [Deleted by S 319/2016 wef 01/04/2013]