Singapore legislation
Clause 14
Clause 14
New section 43D
The principal Act is amended by inserting, immediately after section 43C, the following section: —“Concessionary rate of tax for offshore gold transactions43D.—
Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of ten per cent or such other concessionary rate be levied and paid for each year of assessment upon such income as the Minister may specify of an approved member (but not an associate member) of the Gold Exchange of Singapore derived from transactions in gold bullion (as a broker or trading on its own account) in any gold exchange or market with —
an Asian Currency Unit of a financial institution;
another member (but not an associate member) of the Gold Exchange of Singapore;
a person who is neither a resident of nor a permanent establishment in Singapore; or
a branch office outside Singapore of a company resident in Singapore.(2) In this section, “approved” means approved by the Minister or such person as he may appoint.”.