Singapore legislation
Section 43J
Section 43J
Concessionary rate of tax for financial sector incentive company
(1)
Despite section 43, the Minister may by regulations provide that tax at the rate of 5%, 10%, 12% or 13.5% is to be levied and paid for each year of assessment upon such income as the Minister may specify, derived on or after 1 January 2004 by a financial sector incentive company from such qualifying activities as may be prescribed, and those regulations may provide for the deduction of losses otherwise than in accordance with section 37(3).
(2)
The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a company carrying on such qualifying activities as may be prescribed, as a financial sector incentive company for the purposes of this section, and the Minister or person may approve different classes of financial sector incentive companies for the purposes of this section.
(2A)
Regulations under subsection (1) may make transitional provisions to apply the rate of tax of 12% to —
any company which holds membership of any class or description of a futures market, or of a clearing house for the futures market, maintained by the Singapore Exchange Limited or any of its subsidiaries; and
a member of the corporation known as the Singapore Commodity Exchange Ltd,which has given notice within a specified period to the Monetary Authority of Singapore for the purposes of the application of these transitional provisions, in respect of its income derived on or after 1 January 2011 but on or before 31 December 2013 from specified qualifying activities.[43Q