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 clearing member of a Singapore clearing house derived by it on or after 17th February 2006 from the provision of over-the-counter derivatives clearing services using the Singapore clearing house.(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).(3) The concessionary rate of tax referred to in subsection (1) shall apply to an approved clearing member of a Singapore clearing house subject to such conditions as the Minister or such person as he may appoint may impose.(4) No approval shall be granted under this section after 16th February 2011.(5) In this section —“approved” means approved by the Minister or such person as he may appoint;“clearing member of a Singapore clearing house ” means a company which holds any membership of a Singapore clearing house;“Singapore clearing house” means a person operating a clearing facility who is designated as a designated clearing house for the purposes of the Securities and Futures Act (Cap. 289).Concessionary rate of tax for shipping investment manager43W.—

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved shipping investment manager derived by it on or after 1st March 2006 from —

managing an approved shipping investment enterprise; or

such other services or activities carried out for an approved shipping investment enterprise as may be prescribed.(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).(3) The concessionary rate of tax referred to in subsection (1) shall apply to an approved shipping investment manager subject to such conditions as the Minister or such person as he may appoint may impose.(4) Approval may be granted under this section between 1st March 2006 and 28th February 2011.(5) In this section —“approved” means approved by the Minister or such person as he may appoint;“shipping investment enterprise” has the same meaning as in section 13S;“shipping investment manager” means any company incorporated in Singapore.Concessionary rate of tax for trust income to which beneficiary is entitled43X.—

Where any beneficiary of a trust who is resident in Singapore is entitled to any share of the statutory income of the trust, that share shall, if it would have been subject to a concessionary rate of tax under any provision of this Part had it been derived or received directly by the beneficiary rather than the trustee of the trust, be subject to the same concessionary rate of tax.(2) This section shall not apply to —

any income of a real estate investment trust within the meaning of section 43(10);

any income of a unit trust designated under section 35(14);

any income of an approved CPF unit trust within the meaning of section 35(14);

any income of a trust arising from funds managed in Singapore by a fund manager prescribed under section 13C;

any income of a foreign trust specified under section 13G; or

any income of a locally administered trust prescribed under section 13Q.”.