Singapore legislation

Clause 11

Repeal and re-enactment of section 43A

Section 43A of the principal Act is repealed and the following section substituted therefor:“Concessionary rate of tax for Asian Currency Unit, Fund Manager and securities company43A.—

(1)

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)

a financial institution derived by it from the operation of its Asian Currency Unit;

(b)

a Fund Manager;

(c)

a company whose business includes dealing in securities and which is licensed as a dealer under the Securities Industry Act (Cap. 289) or is exempted from holding a dealer’s licence under that Act,approved by the Minister or such person as he may appoint.(2) Regulations made under subsection (1) may provide for exemption from tax of any income referred to in that subsection and for deductions otherwise than in accordance with section 37(2).”.

Read in full context — Income Tax (Amendment) Bill →