Singapore legislation

Regulation 5A

of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2003

Regulation 5A

Exemption in relation to deposits

Amended byS 745/2020 wef 25/03/2016

Subregulation 1

The interest that a company with an approved Finance and Treasury Centre is liable to pay on or after 25 March 2016 on any deposit placed with the approved Finance and Treasury Centre by any approved office or approved associated company outside Singapore, is exempt from tax.

Subregulation 2

The exemption in sub-paragraph (1) is subject to the following conditions:

(a)

the deposit is used for the qualifying activities or qualifying services of the approved Finance and Treasury Centre;

(b)

such other conditions as may be imposed by the Minister.

Subregulation 3

Amended byS 745/2020 wef 25/03/2016

In this paragraph, “deposit” means a sum of money, not being a loan, paid on terms —

(a)

under which the sum of money will be repaid, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving the payment; and

(b)

which are not referable to the provision of property or services or to the giving of security.

Read in full context — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2003 →