Singapore legislation
Clause 37
Clause 37
Repeal and re-enactment of section 43C
Section 43C of the principal Act is repealed and the following section substituted therefor:“Exemption and concessionary rate of tax for insurance and re-insurance business43C. 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 the income derived by an insurance company approved by the Minister or such person as he may appoint from carrying on offshore life business within the meaning of section 26 or the business (other than the business of life assurance) of insuring and reinsuring offshore risks; and
for exemption from tax of any income derived by an insurance company approved by the Minister or such person as he may appoint from insurance and reinsurance business (other than the business of life assurance) and for deduction of losses otherwise than in accordance with section 37(2).”.