Clause 14

The principal Act is amended by inserting, immediately after section 43B thereof, the following section: —“Concessionary rate of tax for reinsurance of risks outside Singapore43C. Notwithstanding the provisions of section 43 of this Act, the Minister may by regulations provide that tax at the rate of ten per cent or such other concessionary rate shall be levied and paid for each year of assessment upon the income of an insurance company derived by it from carrying on the business (other than the business of life assurance) of reinsuring offshore risks.”.