Singapore legislation
Section 45I
Section 45I
Sections 45 and 45A not applicable to certain payments
(1)
Sections 45(1) to (8) and 45A(1) do not apply to any income referred to in section 12(6) which is liable to be paid by a person mentioned in subsection (2), if the payment is liable to be made —
at any time during the period from 17 February 2012 to 31 December 2026 (both dates inclusive) (called in this section the relevant period) under —
a contract which took effect before 17 February 2012;
a contract which was extended or renewed, where the extension or renewal took effect before 17 February 2012; or
a debt security which was issued before 17 February 2012;
under a contract which took effect on a date which falls within the relevant period;
under a contract which was extended or renewed where —
the extension or renewal took effect on a date which falls within the relevant period; and
the payment is made on or after the date on which such extension or renewal took effect; or
under a debt security which was issued on a date which falls within the relevant period.
(2)
Subsection (1) applies to the following persons:
a bank or merchant bank licensed under the Banking Act 1970;
a finance company licensed under the Finance Companies Act 1967;
a person who —
holds a capital markets services licence under the Securities and Futures Act 2001 for dealing in capital markets products and advising on corporate finance;
is involved or will be involved in the underwriting of debt or equity issuances; and
has been approved before 17 February 2012 for the purposes of the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2012.
(3)
Sections 45(1) to (8) and 45A(1) do not apply to any income mentioned in section 12(6) which is liable to be paid by a person who —
holds a capital markets services licence under the Securities and Futures Act 2001 for dealing in capital markets products and advising on corporate finance;
is involved or will be involved in the underwriting of debt or equity issuances; and
is approved for the purposes of this section, where the approval was given on a date (called in this subsection the approval date) within the relevant period by the Minister or such person as he may appoint,if the payment is liable to be made —
at any time during the period from the approval date to 31 December 2026 (both dates inclusive) under —
a contract which took effect before the approval date;
a contract which was extended or renewed, where the extension or renewal took effect before the approval date; or
a debt security which was issued before the approval date;
under a contract which took effect on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive);
under a contract which was extended or renewed where —
the extension or renewal took effect on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive); and
the payment is made on or after the date on which such extension or renewal takes effect; or
under a debt security which is issued on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive).
(4)
The approval by the Minister or person appointed by him under subsection (3)(c) is subject to such conditions as the Minister or person may impose.
(5)
This section does not apply to any payment of income referred to in section 12(6) which the Comptroller is satisfied is made in connection with an arrangement the purpose or effect of which is one referred to in section 33(1).