Singapore legislation

Clause 13

of Income Tax (Amendment No. 2) Bill

Clause 13

Amendment of section 43

Section 43 of the principal Act is amended —

(a)

by deleting “31%” in subsection (1)(a) and (b) and substituting in each case “30%”;

(b)

by deleting “31%” in the first line of subsection (2) and substituting “30%”;

(c)

by deleting the word “and” at the end of paragraph (a) of subsection (2);

(d)

by deleting the full-stop at the end of paragraph (b) of subsection (2) and substituting a semicolon, and by inserting immediately thereafter the following paragraph:“(c)for the years of assessment 1991 and 1992, be read as a reference to 31%.”; and

(e)

by inserting, immediately after subsection (2), the following subsection:“(3) Notwithstanding subsection (1)(a), the tax to be levied and paid upon such income of a life insurance company apportioned to the policyholders of the company as the Minister may by regulations specify shall be at the rate of 10% or such other prescribed rate.”.

Read in full context — Income Tax (Amendment No. 2) Bill →