Clause 35

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 5% shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved company derived by it on or after 27th February 2004 from the provision of prescribed processing services in Singapore to any financial institution or another approved company; and those regulations may provide for the deduction of losses of an approved company otherwise than in accordance with section 37(3).(2) The concessionary rate of tax referred to in subsection (1) shall apply to an approved company subject to such conditions as the Minister or such person as he may appoint may impose.(3) No approval under this section shall be granted to any company on or after 27th February 2009.(4) In this section, “financial institution” means —

any institution in Singapore that is licensed or approved by the Monetary Authority of Singapore, or exempted from such licensing or approval, under any written law administered by the Monetary Authority of Singapore; or

any institution outside Singapore that is licensed or approved, or exempted from such licensing or approval, by its financial supervisory authority for the carrying on of financial activities.Concessionary rate of tax for commodity derivatives trading company43S.—

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 5% shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved commodity derivatives trading company derived by it on or after 27th February 2004 from prescribed transactions in commodity derivatives or commodities, and those regulations may provide for the conditions to be satisfied for the approval of such a company, and for the deduction of losses otherwise than in accordance with section 37(3).(2) The concessionary rate of tax referred to in subsection (1) shall apply to an approved commodity derivatives trading company subject to such conditions as the Minister or such person as he may appoint may impose.(3) In this section, “commodity derivatives trading company” means a company carrying on the business of trading of commodity derivatives.”.