Singapore legislation
Clause 27
Clause 27
New section 43L
The principal Act is amended by inserting, immediately after section 43K, the following section:“Concessionary rate of tax for art and antique dealers43L.—
(1)
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 an approved company dealing in works of art, precious objects or antiquities on behalf of any person who is neither a resident of nor a permanent establishment in Singapore through any approved auctioneer in Singapore.(2) In this section, “approved” means approved by the Minister or such person as he may appoint.”.