Singapore legislation
Clause 15
Clause 15
New section 43K
The principal Act is amended by inserting, immediately after section 43J, the following section:“Concessionary rate of tax for members of a commodity futures exchange43K.—
Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon such income as the Minister may specify of a member of a prescribed Commodity Futures Exchange derived from transactions in specified commodity futures on any specified exchange or in any specified market with —
an Asian Currency Unit of a financial institution;
another member of the prescribed Commodity Futures 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) For the purposes of subsection (1) —“commodity” has the same meaning as in the Commodity Futures Act 1992 (Act 17 of 1992);“Commodity Futures Exchange” means a body corporate approved as a Commodity Futures Exchange under section 5 of the Commodity Futures Act 1992.”.