Singapore legislation
Regulation 7C
Regulation 7C
Income derived on or after 1 July 2021 of approved specialised insurer exempt from tax
Subregulation 1
Income of the type and amount specified in paragraph (2) that is derived on or after 1 July 2021 by an approved specialised insurer (X) in a basis period for any year of assessment is exempt from tax, if —
the insurer’s approval was granted at any time before 1 September 2016; and (b)the insurer had not been approved as an approved specialised insurer at any time before the date of approval.
Subregulation 2
For the purposes of paragraph (1), the income is income of the type and amount in regulation 5E of the General Insurance Regulations that would be exempt from tax had X been an approved specialised insurer to which regulation 5E(1) of the General Insurance Regulations applies.