Singapore legislation
Clause 12
Clause 12
Repeal and re-enactment of section 43D
Section 43D of the principal Act is repealed and the following section substituted therefor:“Concessionary rate of tax for offshore gold and futures transactions43D.—
Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate be levied and paid for each year of assessment upon such income as the Minister may specify of a member of the Singapore International Monetary Exchange derived from transactions in gold bullion or in any approved commodity or financial futures on any approved exchange or in any approved market with —
an Asian Currency Unit of a financial institution;
another member of the Exchange;
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,and those regulations may provide for the deduction of losses otherwise than in accordance with section 37(2).(2) In this section, “approved” means approved by the Minister or such person as he may appoint.”.