Singapore legislation

Regulation 4

of Income Tax (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) Regulations 2009

Regulation 4

Adjustments on change in basis of valuation

Where, as a result of the revaluation on 1st January 2005 of the liabilities of a life insurer in respect of non-participating policies and investment-linked policies under regulation 20 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) —

(a)

the amount of liabilities of the life insurer on 1st January 2005 is less than that as of 31st December 2004, the difference in the liabilities shall be chargeable to tax for the year of assessment 2006;

(b)

the amount of liabilities of the life insurer on 1st January 2005 is more than that as of 31st December 2004, the difference in the liabilities shall be allowed as a deduction for the year of assessment 2006.

Read in full context — Income Tax (Adjustment on Change of Basis of Computing Taxable Surplus of Life Insurers) Regulations 2009 →