Singapore legislation

Clause 21

of Income Tax (Amendment) Bill

Clause 21

Amendment of section 26

(1)

Section 26 of the principal Act is amended —

(a)

by deleting subsection (5) and the subsection heading;

(b)

by inserting, immediately before the definition of “income of the shareholders’ fund” in subsection (12), the following definition:“ “accident and health policy” has the same meaning as in the Insurance Act (Cap. 142);”;

(c)

by deleting the definition of “offshore life business” in subsection (12) and substituting the following definition:“ “offshore life business” means the business of insuring or reinsuring the liability of a life policy, or accident and health policy, of any life insurance fund established and maintained under the Insurance Act, not being a Singapore policy within the meaning of that Act;”;

(d)

by deleting the definition of “offshore life policy” in subsection (12);

(e)

by deleting the definition of “offshore risk” in subsection (12) and substituting the following definition:“ “offshore risk” means a risk or liability that is insured by a policy of any general insurance fund established and maintained under the Insurance Act, not being a Singapore policy within the meaning of that Act;”; and

(f)

by deleting the definition of “Singapore life policy” in subsection (12).

(2)

Subsection (1)(b), (c), (e) and (f) shall have effect for the year of assessment 2015 and subsequent years of assessment.

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