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)(c)(ii) derived by an approved takaful insurer for the basis period for any year of assessment shall be ascertained by the formula —
where CoL
is the amount of the gross contributions received or receivable during the basis period in respect of insurance contracts underwritten by the approved takaful insurer in the course of carrying on its business in Singapore from the offshore general takaful business;
Co
is the amount of the gross contributions received or receivable during the basis period in respect of insurance contracts underwritten by the approved takaful insurer in the course of carrying on its business in Singapore from the offshore life takaful business;
Po, Pi, PoL and PiL
have the same meanings as in regulation 5B(1)(b), with the references to the approved marine hull and liability insurer therein modified to refer to the approved takaful insurer; and
I and X
have the same meanings as in regulation 6(1), with the references to the approved insurer therein modified to refer to the approved takaful insurer.
[S 212/2013 wef 19/02/2011]
(2) The gains or profits from the sale of offshore investments under regulation 5A(1)(c)(ii) derived by an approved takaful insurer for the basis period for any year of assessment shall be ascertained by the formula —
where Po, Pi, PoL, PiL, Co and CoL
have the same meanings as in paragraph (1); and
K
has the same meaning as in regulation 6(2), with the reference to the approved insurer therein modified to refer to the approved takaful insurer.
[S 212/2013 wef 19/02/2011]
(3) For the purposes of paragraphs (1) and (2), where the Comptroller is satisfied that any part of the shareholders’ funds of the approved takaful insurer is not required to support its offshore general takaful business or offshore life takaful business, he may adopt such reduced amount of income of I or K as appears to him to be reasonable in the circumstances.