Income Tax (Concessionary Rate of Tax for Members of Singapore Commodity Exchange Ltd) Regulations 2009

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No. S 316

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Members of Singapore Commodity Exchange Ltd) Regulations 2009

In exercise of the powers conferred by section 43K of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Members of Singapore Commodity Exchange Ltd) Regulations 2009 and shall be deemed to have come into operation on 28th February 2008.

Concessionary rate of tax

2.—(1) Tax shall be payable at the rate of 10% upon the income specified in paragraph (2) of a company which is a member of the Corporation known as Singapore Commodity Exchange Ltd derived from transactions —

(a)

in any commodity futures specified in the first column of the Schedule on the corresponding exchange or market specified in the second column thereof;

(b)

with —

(i)	an Asian Currency Unit of a financial institution;
(ii)	another member of the Singapore Commodity Exchange Ltd;
(iii)	a person who is neither a resident of nor a permanent establishment in Singapore; or
(iv)	a branch office outside Singapore of a company resident in Singapore; or

(c)

in currencies other than Singapore dollars,

which are carried out in accordance with the rules and regulations or customs and practices of the respective exchange or market.

(2) For the purpose of paragraph (1), the income of a company which is a member of the Corporation to which the concessionary rate of tax applies shall be as follows:

(a)	dealing profits, fees and commissions from any transaction referred to in paragraph (1);
(b)	interest derived from deposits held by the company as a margin for any transaction referred to in paragraph (1).

Determination of income chargeable to tax

3. The Comptroller shall determine —

(a)	the income chargeable to tax at the concessionary rate of tax under regulation 2 having regard to such expenses, donations and allowances under section 19, 19A, 20, 21, 22 or 23 of the Act as are, in his opinion, to be deducted in ascertaining such income; and
(b)	the manner and extent to which any losses incurred by a company which is a member of the Corporation, and arising from any transaction referred to in regulation 2, may be deducted under the Act.

Revocation

4. The Income Tax (Concessionary Rate of Tax for Members of Commodity Futures Exchange) Regulations (Rg 17) are revoked.

Made this 30th day of June 2009.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 032.018.2919.V4; AG/LEG/SL/134/2005/43 Vol. 1]