Concessionary tax rate for income relating to leasing aircraft and prescribed activities
4.—(1)  Tax at the rate specified for any income of an AALC under section 43N(1) of the Act is levied and must be paid on the income (other than income that is exempt from tax under section 13(8) of the Act) described in sub‑paragraph (2) of the AALC that is received in Singapore during the period of the AALC’s approval under section 43N of the Act.
[S 303/2024 wef 31/12/2021]
(2)  The income to which sub-paragraph (1) applies is dividends that are paid by an approved company to the AALC during the period of approval of the company, out of the approved company’s income from —
(a)the leasing of aircraft or aircraft engine from a place outside Singapore; or
(b)any activity prescribed in the Schedule to the Income Tax (Concessionary Rate of Tax for Aircraft Leasing Company) (Prescribed Activities) Regulations 2008 (G.N. No. S 566/2008) that is ancillary to the activity mentioned in sub‑paragraph (a).