Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005

No. S 735

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005

In exercise of the powers conferred by section 43Q 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 Financial Sector Incentive Companies) Regulations 2005 and shall be deemed to have come into operation on 1st January 2004.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“approved company” means an approved company to which the tax exemption under section 13R of the Act applies;

[S 212/2016 wef 17/02/2006]

“Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004;

“Approved Fund Manager” means a Fund Manager approved before 1st January 2004 under section 43A(1)(b) of the Act;

“Approved Headquarters Company” means a headquarters company approved under section 43E of the Act by the Monetary Authority of Singapore in its capacity as a person appointed by the Minister for the purposes of that section;

“Approved Securities Company” means a company approved before 1st January 2004 for derivatives activities under section 43A(1)(c) of the Act;

“approved start-up fund manager” has the same meaning as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003);

[S 260/2006 wef 18/02/2005]

“debt securities” has the same meaning as in section 43N of the Act;

“designated investments” and “designated person” have the same meanings as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003) ;

“designated securities” means —

(a)	stocks, shares, bonds and other securities, denominated in any foreign currency, issued by a company which is neither incorporated in Singapore nor resident in Singapore; or
(b)	bonds denominated in any foreign currency issued by any foreign government;

“Equity Capital Market Intermediary” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) in force immediately before 1st January 2004;

“financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but excludes derivatives the payoffs of which are wholly linked to the payoffs or performance of commodities;

“financial sector incentive (bond market) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (credit facilities syndication) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (derivatives market) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (equity market) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (fund management) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (headquarter services) company” means a company approved as such under section 43Q of the Act;

“financial sector incentive (project finance) company” means a company approved as such under section 43Q of the Act;

[S 586/2008 wef 01/11/2006]

“financial sector incentive (standard tier) company” means a company approved as such under section 43Q of the Act;

“foreign bond or loan stock issue” means any bond or loan stock issued by a person who (excluding any permanent establishment it may have in Singapore) is not resident in Singapore, or by a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment, where —

(a)	the bond or loan stock is denominated in any currency other than the Singapore dollar;
(b)	the proceeds of the bond or loan stock issue are to be used outside Singapore; and
(c)	the expenses incurred in respect of the bond or loan stock issue are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore;

“foreign debt securities” means any bonds, notes, commercial papers, treasury bills or certificates of deposits which are —

(a)

issued by a company which is neither incorporated in Singapore nor resident in Singapore (excluding any permanent establishment it may have in Singapore), or by any foreign government; or

(b)

listed on the Singapore Exchange, and issued by a company which —

(i)	is incorporated in Singapore;
(ii)	has at least 50% of its annual turnover derived from outside Singapore; and
(iii)	is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint;

“foreign equity securities” means stocks, shares or other equity securities which are —

(a)

issued by a company which is neither incorporated in Singapore nor resident in Singapore; or

(b)

listed on the Singapore Exchange, and issued by a company which —

(i)	is incorporated in Singapore;
(ii)	has at least 50% of its annual turnover derived from outside Singapore; and
(iii)	is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint;

“foreign investor” means —

(a)	an individual who is neither a citizen of Singapore nor resident in Singapore and who is the beneficial owner of funds managed by any fund manager in Singapore;
(b)	a company not resident in Singapore and not more than 20% of the total number of the issued shares of which are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore (after excluding the total percentage owned directly by any designated person); or
(c)	a trust fund not more than 20% of the value of which is beneficially held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) (after excluding the total percentage held directly by any designated person),

but excludes —

(i)

any company or trust fund that —

(A)	has a permanent establishment in Singapore (other than a fund manager);
(B)	carries on a business in Singapore; or
(C)	beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore; and

(ii)

any company 20% or more of the total number of the issued shares of which are beneficially owned, directly or indirectly, by a company referred to in paragraph (i),

unless approval is granted by the Minister or approving authority;

“foreign mutual fund corporation” means a mutual fund corporation not more than 20% of the total number of the issued shares of which are beneficially held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) of the definition of “foreign investor” (after excluding the total percentage held directly by any designated person);

“foreign trust” has the meaning given to it in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24);

“futures member of the Singapore Exchange” has the same meaning as in section 43D(4) of the Act;

“initial public offering” means a public offering of securities of a company, the stocks or shares of which have not previously been listed on the Singapore Exchange, in conjunction with the listing of those securities on the Singapore Exchange, and includes a listing of securities of such a company on the Singapore Exchange by way of an introduction;

“mutual fund corporation” means a collective investment scheme or closed-end fund, as defined in section 2 of the Securities and Futures Act (Cap. 289), that is constituted as a corporation;

“offshore credit facility” and “offshore guarantee facility” have the same meanings as in the Income Tax (Exemption of Income from Syndicated Offshore Facilities) Regulations 2003 (G.N. No. S 183/2003);

“offshore trade transaction” means any trade transaction where —

(a)	neither the buyer nor the seller is a resident of Singapore or a permanent establishment in Singapore;
(b)	the goods are not exported from or imported into Singapore except for transhipment; and
(c)	the transaction is carried out in one or more foreign currencies;

“prescribed asset or project” means an infrastructure asset or project prescribed in regulation 5 of the Income Tax (Qualifying Project Debt Securities) Regulations 2008 (G.N. No. S 315/2008);

[S 586/2008 wef 01/11/2006]

“qualifying debt securities” has the same meaning as in section 13(16) of the Act;

“qualifying derivatives” means financial derivatives transacted over-the-counter;

“qualifying project debt securities” has the same meaning as in section 13(16) of the Act;

[S 586/2008 wef 01/11/2006]

“qualifying project loan” means a loan which satisfies the following conditions:

(a)	the interest payment in respect of the loan is funded primarily by the cash flows from one or more prescribed assets or projects;
(b)	the proceeds from the loan are only used to acquire, develop or invest in any prescribed asset or project or to refinance a previous loan where the previous loan is only used to acquire, develop or invest in any prescribed asset or project;
(c)	the proceeds from the loan are used outside Singapore;
(d)	the loan is substantially advised on and structured by a financial sector incentive (project finance) company or a financial institution in Singapore where the employees of the financial institution who are based in Singapore have a leading and substantial role in advising on and structuring the loan;
(e)	the loan agreement takes effect any time on or after 1st November 2006 but not after 31st December 2008; and
(f)	no interest, commission, fee or other payment in respect of the loan is deductible under the Act against any income of any person accruing in or derived from Singapore; [S 586/2008 wef 01/11/2006]

“relevant foreign trust” means a foreign trust as defined in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24), other than a unit trust referred to in paragraph (1)(b) of that regulation;

“securities lending or repurchase arrangement” has the same meaning as in section 10N of the Act;

[S 260/2006 wef 18/02/2005]

“subsequent incentive period” means a further period referred to in regulation 3(5)(a) ;

“unit” means a right or an interest (whether described as a unit, a sub-unit or otherwise) which may be acquired under a unit trust;

“unit trust” means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property.

(2) Any reference in these Regulations to an approving authority is a reference to such person as the Minister may appoint for the purposes of the provision in which that reference appears.

Financial sector incentive company

3.—(1) For the purposes of section 43Q of the Act and these Regulations, a company is approved as a financial sector incentive company if it is approved by the Minister or approving authority as any of the following:

(a)	a financial sector incentive (bond market) company;
(b)	a financial sector incentive (credit facilities syndication) company;
(c)	a financial sector incentive (derivatives market) company;
(d)	a financial sector incentive (equity market) company;
(e)	a financial sector incentive (fund management) company;
(f)	a financial sector incentive (headquarter services) company;
(g)	a financial sector incentive (standard tier) company ;
(h)	a financial sector incentive (project finance) company. [S 586/2008 wef 01/11/2006] [S 54/2010 wef 01/04/2008]

(2) A company shall not be approved as a financial sector incentive company if the company —

(a)	is not licensed or approved by the Monetary Authority of Singapore, or is exempted from such licensing or approval, under any Act; and
(b)	provides treasury, investment or financial services in Singapore for any of its offices or its associated companies.

(2AA) Despite paragraph (2) but subject to paragraph (6), a company may, on or after 1 January 2004, be approved as a financial sector incentive (fund management) company for the purposes of these Regulations if —

(a)	the company is exempted from holding a capital markets services licence for fund management under the Securities and Futures Act (Cap. 289); and
(b)	the company provides treasury, investment or financial services in Singapore for any of its offices or its associated companies. [S 212/2016 wef 01/01/2004]

(3) Subject to paragraph (4), the Minister or approving authority may approve a company as a financial sector incentive company —

(a)	for such period not exceeding 10 years as he may specify; and
(b)	subject to such terms and conditions as he may impose.

(4) Where the initial qualifying base percentage in respect of a company determined under regulation 10 is 0%, the period specified under paragraph (3) shall not exceed 5 years, unless otherwise permitted by the Minister, but in any case shall not exceed 10 years.

(5) Subject to paragraph (6), the Minister or approving authority may, at the end of any period specified in paragraph (3) or (4) or this paragraph, as the case may be, approve the company as a financial sector incentive company —

(a)	for such further period not exceeding 10 years at any one time as he may specify; and
(b)	subject to such terms and conditions as he may impose.

(6) No company shall be approved as a financial sector incentive (bond market) company, financial sector incentive (credit facilities syndication) company, financial sector incentive (derivatives market) company, financial sector incentive (equity market) company or financial sector incentive (project finance) company on or after 1st January 2009.

10% tax payable on qualifying income of financial sector incentive (standard tier) company

4.—(1) Subject to this regulation and regulation 7, tax shall be payable at the rate of 10% on the income of a financial sector incentive (standard tier) company derived on or after 1st January 2004 from any of the following activities:

(a)

where the financial sector incentive (standard tier) company is a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186) —

(i)

granting loans, other than by way of bonds or debentures, in any foreign currency, the repayment of which is not in Singapore currency;

(ii)

trading in secondary loans in any foreign currency, the repayment of which is not in Singapore currency;

(iii)

transactions in any foreign currency with any bank or branch office in respect of any of the following:

(A)	placement of funds;
(B)	bankers’ acceptances on bills relating to trade transactions;
(C)	bills relating to trade transactions;
(D)	negotiable certificates of deposit;

(iv)

opening, advising or confirming of letters of credit denominated in any foreign currency relating to trade transactions;

(v)

financing or re-financing of trade transactions with or without letters of credit denominated in any foreign currency;

(vi)

providing guarantees, performance bonds, standby letters of credit and services relating to remittances denominated in foreign currencies; and

(vii)

providing services to any non-resident holder of a credit or charge card, in connection with the use of the card, where —

(A)	the billing for the transactions for which the card is used is denominated in any foreign currency;
(B)	the card is used outside Singapore for the purposes of making payments to a person outside Singapore who is neither resident in Singapore nor a permanent establishment in Singapore; and
(C)	the payments for such services to the financial sector incentive (standard tier) company are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore, except in respect of any business carried on outside Singapore through a permanent establishment outside Singapore;

(b)

trading in any debt securities;

(c)

arranging, managing, underwriting, selling or investing in qualifying debt securities;

(d)

arranging, managing, underwriting, selling, investing in or providing services (including services as a broker, nominee or custodian) in respect of foreign debt securities;

(e)

granting loans of foreign debt securities under securities lending arrangements in writing;

(f)

arranging, managing, underwriting, selling or providing other services (including services as a broker, nominee or custodian) in respect of foreign equity securities;

(g)

granting loans of foreign equity securities under securities lending arrangements in writing;

(h)

foreign exchange transactions;

(i)

providing services as an intermediary in connection with transactions relating to derivatives;

(j)

trading in derivatives;

(k)

transactions in gold bullion, silver bullion or platinum bullion;

(l)

managing the funds of a foreign investor for the purpose of any designated investment, or providing investment advisory services to a foreign investor in respect of designated investments, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(m)

arranging, on behalf of a foreign investor, any loan of designated securities under a securities lending arrangement in writing to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(n)

providing advisory services relating to financial matters (other than investment advisory services in respect of fund management);

(o)

providing trustee or custodian services in its capacity as a trustee of a relevant foreign trust, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(p)

providing trustee or custodian services for or on behalf of any unit trust the trust fund of which is a foreign investor and the funds of which are invested in designated investments, where the payments for the trustee or custodian services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(q)

providing custodian services for or on behalf of any foreign mutual fund corporation, the funds of which are invested in designated investments, where the payments for the custodian services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(r)

providing trustee services in respect of foreign bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(s)

providing trust management or administration services to any trustee of a relevant foreign trust, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(t)

trading, on or after 27th February 2004, in secondary loans in any foreign currency, the repayment of which is not in Singapore currency.

(1A) Section 43N(2) of the Act and regulation 7 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations (Rg 32) shall apply, with the necessary modifications, to paragraph (1) in respect of the activity of investing in qualifying debt securities under sub-paragraph (c) of that paragraph.

[S 260/2006 wef 11/05/2006]

(1B) For the purposes of paragraph (1A) —

(a)	the reference in section 43N(2) of the Act to the application of section 43N (1)(a), (aa) or (ab) of the Act; and
(b)	a reference in regulation 7 of the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations to the application of the concessionary rate of tax referred to in regulation 3(aa), (ab) or (ac) of those Regulations,

shall each be read as a reference to the application of the rate of tax under paragraph (1).

[S 260/2006 wef 11/05/2006]

(2) For the purposes of determining the tax payable under paragraphs (1), (2A), (2B) (2D) —

(a)	any income which is derived from the granting of loans referred to in paragraphs (1)(g) and (2A)(a), and which comprises Singapore dividends from which tax is deducted or deductible under section 44 of the Act, shall be excluded; and
(b)	the qualifying base shall be deducted from the income or loss derived from the activities specified in paragraphs (1), (2A), (2B) (2D) .

(2A) Subject to this regulation, tax shall be payable at the rate of 10% on the income of a financial sector incentive (standard tier) company, derived on or after 18th February 2005 but before 1st January 2009, from —

(a)

granting any loan of any debt and equity securities under a securities lending or repurchase arrangement, other than a loan of —

(i)	foreign debt securities;
(ii)	foreign equity securities; or
(iii)	stocks and shares of any company resident in Singapore which are not listed on any stock exchange in Singapore or elsewhere; or

(b)

arranging any loan of any debt and equity securities under a securities lending or repurchase arrangement, other than —

(i)	arranging a loan of stocks and shares of any company resident in Singapore which are not listed on any stock exchange in Singapore or elsewhere; or
(ii)	arranging, on behalf of a foreign investor, a loan of designated securities to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company, where payment for the arrangement of the loan is not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore. [S 260/2006 wef 18/02/2005]

(2B) Subject to this regulation, tax shall be payable at the rate of 10% on the income of a financial sector incentive (standard tier) company which is an approved start-up fund manager, derived during a period of 12 months from the date of the incorporation, by that company, of a fund in the form of a company not resident in Singapore, from —

(a)	managing the funds of the second-mentioned company for the purpose of any designated investment;
(b)	providing investment advisory services to the second-mentioned company in respect of designated investments; or
(c)	arranging, on behalf of the second-mentioned company, any loan of designated securities under a securities lending arrangement in writing to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company,

provided that —

(i)	the second-mentioned company was incorporated at any time between 18th February 2005 and 17th February 2010 (both dates inclusive);
(ii)	the date of incorporation of the second-mentioned company is stated in its charter, statute or memorandum and articles or other instrument constituting it or defining its constitution;
(iii)	at the date of incorporation of the second-mentioned company, the first-mentioned company was already an approved start-up company;
(iv)	the second-mentioned company has been managed by the first-mentioned company since the date of incorporation of the second-mentioned company; and
(v)	the second-mentioned company was not incorporated with the avoidance or reduction of tax chargeable under the Act as its main purpose or one of its main purposes. [S 260/2006 wef 18/02/2005]

(2C) Subject to this regulation, tax shall be payable at the rate of 10% on the income of a financial sector incentive (standard tier) company which is an approved start-up fund manager, derived during a period of 12 months from the date of the constitution, by that company, of a trust fund, from —

(a)	managing the funds of the trust fund for the purpose of any designated investment;
(b)	providing investment advisory services to the trust fund in respect of designated investments; or
(c)	arranging, on behalf of the trust fund, any loan of designated securities under a securities lending arrangement in writing to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company,

provided that —

(i)	the trust fund was constituted at any time between 18th February 2005 and 17th February 2010 (both dates inclusive);
(ii)	the date of constitution of the trust fund is stated in the relevant trust instrument;
(iii)	at the date of constitution of the trust fund, the company was already an approved start-up company;
(iv)	the trust fund has been managed by that company since the constitution of that trust fund; and
(v)	the trust fund was not constituted with the avoidance or reduction of tax chargeable under the Act as its main purpose or one of its main purposes. [S 260/2006 wef 18/02/2005]

(2D) Subject to this regulation and regulation 7, tax shall be payable at the rate of 10% on the income of a financial sector incentive (standard tier) company, derived on or after 17th February 2006 from any of the following activities:

(a)	managing the funds of an approved company for the purpose of any designated investments;
(b)	providing investment advisory services to an approved company in respect of any designated investments. [S 586/2008 wef 17/02/2006]

(3) The qualifying base shall be subject to tax at the rate of tax under section 43(1)(a) of the Act and, where the qualifying base is a loss, shall be deducted from the income subject to tax at the rate of tax under that provision.

(4) In this regulation —

“qualifying base” means the amount calculated by multiplying the specified income or the specified loss, as the case may be, by the initial qualifying base percentage or subsequent qualifying base percentage, as the case may be, determined under regulation 10;

“specified income” or “specified loss” means the aggregate of the following:

(a)	interest income from the activities specified in paragraph (1), after deducting any interest expense allowable under the Act which is attributable to such interest income;
(b)	all fees, commissions and other income from the activities specified in paragraphs (1), (2A), (2B)and (2C) (2D), after deducting any direct expense allowable under the Act which is attributable to such fees, commissions or other income; and
(c)	profits or loss from the disposal of equity securities, debt securities or secondary loans specified in paragraph (1), after deducting any specific provision allowable under the Act for the diminution in value of such securities or loans, and adding any taxable specific provision for diminution in value of such securities or loans which is written back.

10% tax payable on qualifying income of financial sector incentive (headquarter services) company

5.—(1) Tax shall be payable at the rate of 10% on the income of a financial sector incentive (headquarter services) company derived from the provision of any of the following services, which is approved by the Minister or approving authority in relation to that financial sector incentive (headquarter services) company, to any approved office of the financial sector incentive (headquarter services) company or any approved person:

(a)

general management and administration;

(b)

business planning and co-ordination;

(c)

procurement of raw materials and components for use in the business of the approved office or approved person;

(d)

technical support services;

(e)

marketing control and sales promotion planning;

(f)

training and personnel management;

(g)

corporate finance advisory services;

(h)

economic or investment research and analysis;

(i)

credit control and administration;

(j)

research and development work carried out in Singapore on behalf of the approved office;

(k)

arranging credit facilities for the approved office in foreign currencies where the funds for providing the facilities are obtained from —

(i)	financial institutions in Singapore; or
(ii)	the accumulated profits of other approved offices;

(l)

providing guarantees, performance bonds, standby letters of credit and services relating to remittances where —

(i)

in the case of a guarantee, performance bond or standby letter of credit, the party in whose favour the facility is issued is —

(A)	a bank licensed under the Banking Act (Cap. 19), or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186), which is a financial sector incentive company;
(B)	a person who is neither a resident of nor a permanent establishment in Singapore; or
(C)	a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment; and

(ii)

in the case of services relating to remittances, the person to whom the remittances are made is —

(A)	a bank licensed under the Banking Act, or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act, which is a financial sector incentive company; or
(B)	a person who is neither a resident of nor a permanent establishment in Singapore;

(m)

arranging interest rate or currency swaps in foreign currencies with —

(i)	a bank licensed under the Banking Act, or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act, which is a financial sector incentive company;
(ii)	a person who is neither a resident of nor a permanent establishment in Singapore; or
(iii)	a branch office outside Singapore of a company resident in Singapore;

(n)

managing the funds of the approved office for the purpose of any designated investments, and in the case where the approved office is an associated company —

(i)

the approved office is not resident in Singapore; and

(ii)

unless otherwise approved by the Minister or approving authority —

(A)	not less than 80% of the total number of the issued shares of the approved office are beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore;
(B)	the approved office has no permanent establishment in Singapore other than the financial sector incentive (headquarter services) company;
(C)	the approved office does not carry on business in Singapore;
(D)	the approved office does not beneficially own more than 20% of the total number of the issued shares of any company incorporated in Singapore; and
(E)	the approved office has less than 20% of the total number of its issued shares beneficially owned, directly or indirectly, by a company which —
(EA)	has a permanent establishment in Singapore other than the financial sector incentive (headquarter services) company;
(EB)	carries on business in Singapore; or
(EC)	beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore.

(2) In this regulation —

“approved office”, in relation to a financial sector incentive (headquarter services) company, means an office or associated company of the financial sector incentive (headquarter services) company which is —

(a)	outside Singapore; and
(b)	approved by the Minister or approving authority;

“approved person”, in relation to a financial sector incentive (headquarter services) company, means a person (other than an approved office of the financial sector incentive (headquarter services) company) who is —

(a)	outside Singapore; and
(b)	approved by the Minister or approving authority;

“associated company”, in relation to a financial sector incentive (headquarter services) company, means a company —

(a)	the operations of which are or can be controlled, directly or indirectly, by that financial sector incentive (headquarter services) company;
(b)	which controls or can control, directly or indirectly, the operations of that financial sector incentive (headquarter services) company; or
(c)	the operations of which are or can be controlled, directly or indirectly, by a person or persons who control or can control, directly or indirectly, the operations of that financial sector incentive (headquarter services) company .

(3) For the purpose of paragraph (2), a company shall be deemed to be an associated company in relation to a financial sector incentive (headquarter services) company if —

(a)	at least 25% of the total number of the issued shares of the first-mentioned company are beneficially owned, directly or indirectly, by the financial sector incentive (headquarter services) company; or
(b)	at least 25% of the total number of the issued shares of the financial sector incentive (headquarter services) company are beneficially owned, directly or indirectly, by the first-mentioned company.

10% tax payable on qualifying income of financial sector incentive (fund management) company

6.—(1) Subject to regulation 7, tax shall be payable at the rate of 10% on the income of a financial sector incentive (fund management) company derived from the following activities:

(a)

on or after 1st January 2004 ––

(i)

managing the funds of a foreign investor for the purpose of any designated investments, or providing investment advisory services to a foreign investor in respect of any designated investments, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

(ii)

arranging, on behalf of a foreign investor, any loan of designated securities under a securities lending arrangement in writing to a financial sector incentive (standard tier) company or another financial sector incentive (fund management) company, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore;

[S 586/2008 wef 17/02/2006]

(b)

on or after 17th February 2006, managing the funds of an approved company for the purpose of any designated investments, or providing investment advisory services to an approved company in respect of any designated investments;

[S 586/2008 wef 17/02/2006]

[S 260/2006 wef 18/02/2005]

(2) Tax shall be payable at the rate of 10% on the income of a financial sector incentive (fund management) company which is an approved start-up fund manager, derived during a period of 12 months from the date of the incorporation, by that company, of a fund in the form of a company not resident in Singapore, from —

(a)	managing the funds of the second-mentioned company for the purpose of any designated investment;
(b)	providing investment advisory services to the second-mentioned company in respect of designated investments; or
(c)	arranging, on behalf of the second-mentioned company, any loan of designated securities under a securities lending arrangement in writing to a financial sector incentive (standard tier) company or another financial sector incentive (fund management) company,

provided that —

(i)	the second-mentioned company was incorporated at any time between 18th February 2005 and 17th February 2010 (both dates inclusive);
(ii)	the date of incorporation of the second-mentioned company is stated in its charter, statute or memorandum and articles or other instrument constituting it or defining its constitution;
(iii)	at the date of incorporation of the second-mentioned company, the first-mentioned company was already an approved start-up company;
(iv)	the second-mentioned company has been managed by the first-mentioned company since the date of incorporation of the second-mentioned company; and
(v)	the second-mentioned company was not incorporated with the avoidance or reduction of tax chargeable under the Act as its main purpose or one of its main purposes. [S 260/2006 wef 18/02/2005]

(3) Tax shall be payable at the rate of 10% on the income of a financial sector incentive (fund management) company which is an approved start-up fund manager, derived during a period of 12 months from the date of the constitution, by that company, of a trust fund, from —

(a)	managing the funds of the trust fund for the purpose of any designated investment;
(b)	providing investment advisory services to the trust fund in respect of designated investments; or
(c)	arranging, on behalf of the trust fund, any loan of designated securities under a securities lending arrangement in writing to a financial sector incentive (standard tier) company or another financial sector incentive (fund management) company,

provided that —

(i)	the trust fund was constituted at any time between 18th February 2005 and 17th February 2010 (both dates inclusive);
(ii)	the date of constitution of the trust fund is stated in the relevant trust instrument;
(iii)	at the date of constitution of the trust fund, the company was already an approved start-up company;
(iv)	the trust fund has been managed by that company since the constitution of that trust fund; and
(v)	the trust fund was not constituted with the avoidance or reduction of tax chargeable under the Act as its main purpose or one of its main purposes. [S 260/2006 wef 18/02/2005]

Computation of income of financial sector incentive company from managing funds of certain foreign investors and approved companies

7.—(1) In respect of services provided to a foreign investor under regulation 4(1)(l) or (m) or 6(1), where the foreign investor is —

(a)	a company referred to in paragraph (b) of the definition of “foreign investor” in regulation 2 in which any designated person is a shareholder and of which more than 20% of the total number of the issued shares are beneficially owned, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) of that definition and by designated persons; or
(b)	a trust fund referred to in paragraph (c) of the definition of “foreign investor” in regulation 2 in which any designated person is a beneficiary and of which more than 20% of the value is beneficially held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) of that definition and by designated persons,

the amount of fees and commissions which is chargeable with tax at the concessionary rate of 10% shall be computed in accordance with the following formula:

where A

is the number of issued shares of the company or the value of the trust fund, as the case may be, which is not beneficially owned or held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) of the definition of “foreign investor” in regulation 2 or by designated persons;

is the total number of issued shares of the company or the value of the trust fund, as the case may be; and

is the amount of fees and commissions derived from the provision of the services referred to in regulation 4(1)(l) or (m) or 6(1) to the foreign investor.

(2) In respect of services provided to an approved company under regulation 4(2D) or 6(1)(b), where the approved company is —

(a)	a company incorporated before 15th February 2007, in which any designated person is a shareholder and of which more than 20% of the total number of the issued shares are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore and by designated persons; or
(b)	a company incorporated on or after 15th February 2007, in which any designated person is a shareholder and of which more than 20% of the total value of the issued securities are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore and by designated persons,

the amount of fees and commissions which is chargeable with tax at the concessionary rate of 10% shall be computed in accordance with the following formula:

[S 586/2008 wef 17/02/2006]

where D

is the number of issued shares of the company referred to in sub-paragraph (a) or the value of issued securities of the company referred to in sub-paragraph (b), as the case may be, which are not beneficially owned or held, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore or by designated persons;

is the total number of issued shares of the company referred to in sub-paragraph (a) or the total value of issued securities of the company referred to in sub-paragraph (b), as the case may be; and

is the amount of fees and commissions derived from the provision of the services referred to in regulation 4(2D) or 6(1)(b) to the approved company.”; and

5% tax payable on qualifying income of financial sector incentive company

8. Tax shall be payable at the rate of 5% on the income derived on or after 1st January 2004 —

(a)

by a financial sector incentive (bond market) company from arranging, underwriting or distributing any qualifying debt securities, subject to the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35);

(b)

by a financial sector incentive (credit facilities syndication) company from arranging, underwriting or granting loans under any syndicated offshore facility which is an offshore credit facility or an offshore guarantee facility, where the agreement for the facility is made on or after 1st January 2004, subject to the conditions specified in the Income Tax (Exemption of Income from Syndicated Offshore Facilities) Regulations 2003 (G.N. No. S 183/2003);

(c)

by a financial sector incentive (credit facilities syndication) company which is a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186) from trading in secondary loans under any syndicated offshore facility which is an offshore credit facility or an offshore guarantee facility, where the agreement for the facility is made on or after 1st January 2004, subject to the conditions specified in the Income Tax (Exemption of Income from Syndicated Offshore Facilities) Regulations 2003;

(d)

by a financial sector incentive (derivatives market) company from trading in qualifying derivatives or providing services as an intermediary in connection with transactions relating to qualifying derivatives;

(e)

by a financial sector incentive (equity market) company from the following activities:

(i)

services (including services as a broker, nominee or custodian) in connection with transactions relating to stocks, shares, bonds or other securities listed on the Singapore Exchange that are issued by —

(A)	a company which is neither incorporated in Singapore nor resident in Singapore; or
(B)	a company which —
(BA)	is incorporated in Singapore;
(BB)	has at least 50% of its annual turnover derived from outside Singapore; and
(BC)	is approved for the purpose of these Regulations by the Minister or approving authority,

except where the payments for these services and other expenses in connection with the transactions are borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore of a person who is not resident in Singapore;

(ii)

the sale of any stocks, shares, bonds or other securities referred to in sub-paragraph (i);

(iii)

services on behalf of a company which is neither incorporated in Singapore nor resident in Singapore (excluding any permanent establishment it may have in Singapore) in respect of the arrangement, underwriting, management and placement of an initial public offering by the company of securities for the purpose of a listing on the Singapore Exchange, where the payments for these services and other expenses in connection with the issue of such securities are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore; and

(iv)

services on behalf of a company which —

(A)	is incorporated in Singapore;
(B)	has at least 50% of its annual turnover derived from outside Singapore; and
(C)	is approved, for the purpose of these Regulations, by the Minister or approving authority,

in respect of the arrangement, underwriting, management and placement of an initial public offering by the company of securities for the purpose of a listing on the Singapore Exchange; and

(f)

by a financial sector incentive (project finance) company from any of the following activities:

(i)	arranging, underwriting or distributing any qualifying project debt securities;
(ii)	arranging or underwriting any qualifying project loan;
(iii)	providing project finance advisory services in connection with transactions relating to any prescribed asset or project. [S 586/2008 wef 01/11/2006]

Determination of income chargeable with tax

9. For the purposes of regulations 4, 5, 6 and 8, the Comptroller shall determine —

(a)	the chargeable income of the financial sector incentive company having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining such income; and
(b)	the manner and extent to which any loss arising from the activities specified in those regulations may be deducted under the Act in ascertaining the chargeable income of the company.

Determination of qualifying base percentage

10.—(1) The initial qualifying base percentage of a financial sector incentive (standard tier) company shall be determined in the following order:

(a)

100%, if the previous incentive income for each of the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company is nil or less than nil;

(b)

0%, if the previous non-incentive income for each of the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company is nil or less than nil;

(c)

if for the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company, both the average of the previous incentive income and the average of the previous non-incentive income of the company are positive,

where X _i

is the previous incentive income for year of assessment i;

Y _i

is the previous non-incentive income for year of assessment i; and

is each of the first, second and third years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company;

(d)

if for the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company, either the average of the previous incentive income of the company or the average of the previous non-incentive income of the company is, or both are, nil or less than nil,

where X _j

is the previous incentive income for year of assessment j;

Y _j

is the previous non-incentive income for year of assessment j; and

is each year of assessment which falls within the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company, and in which both the previous incentive income and the previous non-incentive income are positive; and

(e)

0%, in any other case.

(2) Where a company has less than 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company —

(a)	any reference in this regulation to the 3 years of assessment immediately preceding the year of assessment relating to that basis period shall be read as a reference to all the years of assessment immediately preceding the year of assessment relating to that basis period; and
(b)	any reference in this regulation to the first, second and third year of assessment immediately preceding the year of assessment relating to that basis period shall be construed accordingly.

(3) Where the initial qualifying base percentage of the financial sector incentive (standard tier) company is 100%, the Minister or approving authority —

(a)	may, if he thinks fit, specify an initial qualifying base percentage to determine the qualifying base for the first or second year of assessment immediately after the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company; and
(b)	shall specify an initial qualifying base percentage to determine the qualifying base for the third year of assessment immediately after the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company, and any subsequent year of assessment.

(4) Where the initial qualifying base percentage of the financial sector incentive (standard tier) company is 0% and where that company is approved as such for the first time for more than 5 years, the application of such percentage to the specified income or specified loss referred to in regulation 4(4) to determine the qualifying base shall be for a period not exceeding 5 years from the date the company is approved as a financial sector incentive (standard tier) company for the first time, and the Minister or approving authority shall specify the initial qualifying base percentage to be applied for the remaining incentive period.

(5) The subsequent qualifying base percentage of the financial sector incentive (standard tier) company shall be determined in the following order:

(a)

a percentage specified by the Minister or approving authority, if the previous qualifying base percentage is 0%;

(b)

the previous qualifying base percentage, if there was no consecutive increase in the specified income or specified loss referred to in regulation 4(4) for the 3 years of assessment immediately preceding the year of assessment relating to the first basis period falling within the subsequent incentive period;

(c)

subject to sub-paragraph (d), a percentage calculated in accordance with the following formula:

where QB

is the previous qualifying base percentage;

is the specified income referred to in regulation 4(4) for the first year of assessment immediately preceding the year of assessment relating to the first basis period falling within the subsequent incentive period; and

is the specified income referred to in regulation 4(4) for the third year of assessment immediately preceding the year of assessment relating to the first basis period falling within the subsequent incentive period;

(d)

where the subsequent qualifying base percentage computed in accordance with sub-paragraph (c) is more than 100%, a percentage specified by the Minister or approving authority;

(e)

subject to sub-paragraph (f), a percentage calculated in accordance with the following formula:

where QB

is the previous qualifying base percentage;

is the specified loss referred to in regulation 4(4) for the first year of assessment immediately preceding the year of assessment relating to the first basis period falling within the subsequent incentive period; and

is the specified loss referred to in regulation 4(4) for the third year of assessment immediately preceding the year of assessment relating to the first basis period falling within the subsequent incentive period; and

(f)

where the subsequent qualifying base percentage computed in accordance with sub-paragraph (e) is less than 0%, 0%.

(6) Notwithstanding paragraphs (1) and (5), the Minister or approving authority may in any particular case specify the initial or subsequent qualifying base percentage, or the method to determine the initial qualifying base percentage or subsequent qualifying base percentage, as he thinks fit, in lieu of any percentage or method specified in paragraph (1) or (5).

(7) The initial or subsequent qualifying base percentage specified by the Minister or approving authority under paragraph (3), (4), (5) or (6) shall not exceed 100%.

(8) A financial sector incentive (standard tier) company shall submit to the Comptroller a report from an external auditor, certifying that the initial qualifying base percentage of the company presents fairly the initial qualifying base percentage as prescribed in these Regulations, together with its return of income within the period specified under section 62 of the Act, except where —

(a)

the initial qualifying base percentage is 100%;

(b)

the financial sector incentive (standard tier) company is a company which —

(i)	was incorporated or registered on or after 1st January 2004;
(ii)	has not taken over any undertaking or business from any person in Singapore; and
(iii)	has not derived any income during the period from the date of its incorporation or registration to the date it is approved as a financial sector incentive (standard tier) company; or

(c)

the financial sector incentive (standard tier) company is a company which —

(i)	was incorporated or registered on or after 1st January 2004;
(ii)	has not taken over any activity referred to in regulation 4 from any person in Singapore; and
(iii)	was approved as a financial sector incentive (standard tier) company within 2 years from the date of commencement in Singapore of any activity referred to in regulation 4 by the company. [S 835/2010 wef 01/01/2004]

(9) In this regulation —

“initial qualifying base percentage”, in relation to a financial sector incentive (standard tier) company, means the percentage used to compute the qualifying base referred to in regulation 4(4) in the period for which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company;

“previous incentive income”, in relation to a financial sector incentive (standard tier) company, means specified previous income derived by the company which was subject to tax at the rate of tax of 10% in each of the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company;

“previous non-incentive income”, in relation to a financial sector incentive (standard tier) company, means specified previous income derived by the company which was subject to tax at the rate of tax under section 43 (1) (a) of the Act in each of the 3 years of assessment immediately preceding the year of assessment relating to the basis period in which the company is approved for the first time or deemed to be approved as a financial sector incentive (standard tier) company;

“previous qualifying base percentage”, in relation to a financial sector incentive (standard tier) company, means the qualifying base percentage which was applied to the period during which the company was approved as a financial sector incentive (standard tier) company immediately preceding the date at which the subsequent qualifying base percentage is determined;

“specified previous income” means —

(a)

in the case of previous incentive income, the aggregate of the following:

(i)	interest income from the activities specified in the Schedule, after deducting any interest expense allowable under the Act which is attributable to such interest income;
(ii)	all fees, commissions and other income from the activities specified in the Schedule, after deducting any direct expense allowable under the Act which is attributable to such fees, commissions or other income; and
(iii)	profits or loss from the disposal of equity securities, debt securities or secondary loans specified in the Schedule, after deducting any specific provision allowable under the Act for the diminution in value of such securities or loans, and adding any taxable specific provision for diminution in value of such securities or loans which is written back; and

(b)

in the case of previous non-incentive income, the aggregate of the following:

(i)	interest income from the activities specified in regulation 4(1), after deducting any interest expense allowable under the Act which is attributable to such interest income;
(ii)	all fees, commissions and other income from the activities specified in regulation 4(1), (2A), (2B) (2D)(2E), after deducting any direct expense allowable under the Act which is attributable to such fees, commissions or other income; and
(iii)	profits or loss from the disposal of equity securities, debt securities or secondary loans specified in regulation 4(1), after deducting any specific provision allowable under the Act for the diminution in value of such securities or loans, and adding any taxable specific provision for diminution in value of such securities or loans which is written back;

“subsequent qualifying base percentage”, in relation to a financial sector incentive (standard tier) company, means the percentage used to compute the qualifying base referred to in regulation 4(4) in the next immediate subsequent incentive period of the company.

Financial sector incentive company to maintain records

11. A financial sector incentive company shall keep and maintain such records, as may be required by the Minister or approving authority for the purposes of these Regulations, of —

(a)	the particulars of every foreign investor in respect of which it provides its services; and
(b)	the particulars of every settlor and every beneficiary or unit holder, as the case may be, of every foreign trust in respect of which it provides its services.

Revocation and deeming of approvals

12.—(1) The Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations (Rg 7), the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations (Rg 10), the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) and the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) are revoked.

(2) A company which before 1st January 2004 was a financial institution with an Asian Currency Unit, other than an Approved Derivatives Trader, shall be deemed to be approved as a financial sector incentive (standard tier) company for the purposes of these Regulations from 1st January 2004 until 31st December 2008 or the date on which it ceases to derive income which qualifies for tax concession under these Regulations, whichever is the earlier.

(3) A company which before 1st January 2004 was an Approved Securities Company shall be deemed to be approved as a financial sector incentive (standard tier) company, and a company which before 1st January 2004 was an Approved Derivatives Trader shall be deemed to be approved as a financial sector incentive (derivatives market) company, for the purposes of these Regulations from 1st January 2004 until the end of the period for which the Minister or approving authority had approved the company for the purposes of the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations in force immediately before 1st January 2004 or the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 in force immediately before 1st January 2004, as the case may be.

(4) A company which before 1st January 2004 was an Equity Capital Market Intermediary shall be deemed to be approved as a financial sector incentive (standard tier) company and a financial sector incentive (equity market) company for the purposes of these Regulations from 1st January 2004 until the end of the period for which the Minister or approving authority had approved the company for the purposes of the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) in force immediately before 1st January 2004.

(5) A company which before 1st January 2004 was an Approved Headquarters Company shall be deemed to be approved as a financial sector incentive (headquarter services) company for the purposes of these Regulations from 1st January 2004 until the end of the period for which the Minister or approving authority had approved the company for the purposes of the Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) Regulations (Rg 6).

(6) A company which before 1st January 2004 was an Approved Fund Manager shall be deemed to be approved as a financial sector incentive (fund management) company for the purposes of these Regulations from 1st January 2004 until the end of the period for which the Minister or approving authority had approved the company, or for which the company was deemed to have been so approved, under the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations (Rg 7) in force immediately before 1st January 2004.

(7) Notwithstanding paragraph (1), any exemption under the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations (Rg 10) in force immediately before 1st January 2004 or the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations in force immediately before 1st January 2004 shall continue to apply, as if those Regulations have not been revoked, to an Asian Currency Unit of a financial institution or to an Approved Fund Manager, as the case may be, approved as such on or before 27th February 2003, from 1st January 2004 until the end of the period for which the Minister or approving authority had approved the Asian Currency Unit or the Approved Fund Manager, as the case may be.

(8) Notwithstanding paragraphs (2) to (7), where a company —

(a)

derives income which qualifies for tax concession under the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations in force immediately before 1st January 2004, or has been approved for the purposes of the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004 or the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) in force immediately before 1st January 2004; and

(b)

ceases to derive income which would qualify for the concessionary rate of tax under these Regulations during the period from 1st January 2004 to 31st December 2004 (both dates inclusive),

these Regulations shall not apply to the company and the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations (Rg 10), the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) or the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003, as the case may be, shall continue to apply to the company as if those Regulations have not been revoked.

Made this 17th day of November 2005.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 032.018.2183 V6; AG/LEG/SL/134/2005/12 Vol. 2]

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