5.—(1) Subject to paragraph (2), tax shall be payable at the rate of 10% on any income of an approved global trading company from —
(a)
profits from qualifying transactions in the commodities specified by the Minister, or such person as he may appoint, under regulation 3(1); and
(b)
commission and fees from acting as a broker in physical trading in the commodities specified by the Minister, or such person as he may appoint, under regulation 3(1) between any of the following persons:
(i)
a person who is neither a resident of nor a permanent establishment in Singapore;
(ii)
a branch office outside Singapore of a company resident in Singapore;
(iii)
an approved oil trading company;
(iv)
an approved international commodity trading company;
(v)
another approved global trading company; or
(vi)
a person who carries on the business of refining petroleum in Singapore .
(c)
income derived —
(i)
on or after 26th May 2005, from trading in over the counter freight derivatives; or
(ii)
on or after 26th May 2005 up to the basis period relating to the year of assessment 2010, from trading in exchange-traded freight derivatives,
with any of the following persons:
(A)
a person who is neither a resident of nor a permanent establishment in Singapore;
(B)
a branch office outside Singapore of a company resident in Singapore;
(C)
an Asian Currency Unit of a financial institution;
(D)
an approved oil trading company;
(E)
an approved international commodity trading company;
(F)
another approved global trading company;
(G)
a person who carries on the business of refining petroleum in Singapore;
(H)
an approved commodity derivatives trading company;
(I)
a shipping enterprise.
[S 189/2008 wef 26/05/2005]
(2) Paragraph (1) shall not apply to —
(a)
any income derived from any transaction in any commodity specified in the first column of the First Schedule carried out before the date specified opposite thereto in the second column thereof; and
(b)
any income attributable to activities carried out in Singapore which add value to the commodities specified by the Minister, or such person as he may appoint, under regulation 3(1) by any physical alteration, addition or improvement including storage, refining, blending, processing or bulk-breaking.