Singapore legislation

Clause 42

Amendment of section 43P

Section 43P of the principal Act is amended —

(a)

by deleting paragraph (a) of subsection (1) and substituting the following paragraph:“(a)such income as the Minister may specify of an approved global trading company —

(i)

that is derived by it from such prescribed qualifying transactions in such prescribed commodities as the Minister or a person appointed by him may specify to the company; or

(ii)

that is derived by it in the basis period for the year of assessment 2012 or a subsequent year of assessment, from prescribed qualifying transactions in any derivative instrument; and”; and

(b)

by deleting subsection (1A) and substituting the following subsection:“(1A) No approval shall be granted under this section after 31st March 2021.”.

Read in full context — Income Tax (Amendment) Bill →