| Income Tax Act |
| Income Tax (Concessionary Rate of Tax for Income from Over-the-counter Derivatives Clearing Services) Regulations 2007 |
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| Citation and commencement |
| 1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Income from Over-The-Counter Derivatives Clearing Services) Regulations 2007 and shall be deemed to have come into operation on 17th February 2006. |
| Period of approval |
| 2. Any approval of a clearing member of a Singapore clearing house under section 43V of the Act shall be for such period not exceeding 5 years as the Minister or person granting the approval may specify. |
| Concessionary rate of tax |
| 3. Tax shall be payable at the rate of 5% for each year of assessment on the income derived by an approved clearing member of a Singapore clearing house on or after 17th February 2006 from the provision of over-the-counter derivatives clearing services using the Singapore clearing house. |
| Determination of income chargeable to tax |
4. For the purposes of regulation 3, the Comptroller shall determine —
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Made this 27th day of February 2007.
Permanent Secretary, Ministry of Finance, Singapore. |
| [MF(R) R32.018.2919 V3; AG/LEG/SL/134/2005/25 Vol. 1] |