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Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2007 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S661-2007 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2007 and shall be deemed to have come into operation on 15th February 2007.
Definitions
In this Notification —“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 186);“financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but does not include derivatives the payoffs of which are linked wholly to the payoffs or performance of commodities;“financial institution” means any institution licensed or approved by the Authority, or exempted from such licensing or approval under any Act administered by the Authority, and includes an approved Finance and Treasury Centre referred to in section 43G of the Act;“related party” has the same meaning as in section 13(16) of the Act.
“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 186);
“financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but does not include derivatives the payoffs of which are linked wholly to the payoffs or performance of commodities;
“financial institution” means any institution licensed or approved by the Authority, or exempted from such licensing or approval under any Act administered by the Authority, and includes an approved Finance and Treasury Centre referred to in section 43G of the Act;
Exemption
There shall be exempt from tax any payment made by a financial institution to a person who is neither resident in Singapore nor a permanent establishment in Singapore —
on over-the-counter financial derivatives, where the payment is liable to be made during the period from 20th May 2007 to 19th May 2012 (both dates inclusive) under —
a contract for such derivatives which took effect before 15th February 2007; or
a contract for such derivatives which is extended or renewed, where the extension or renewal took effect before 15th February 2007; and
on over-the-counter financial derivatives, where the payment is liable to be made under —
a contract for such derivatives which takes effect during the period from 15th February 2007 to 19th May 2012 (both dates inclusive); or
a contract for such derivatives which is extended or renewed, where the extension or renewal takes effect during the period from 15th February 2007 to 19th May 2012 (both dates inclusive).
The exemption shall be subject to —
such conditions as may be imposed by the Minister;
such declaration (in relation to transactions by institutions that are exempted from licensing or approval under any Act administered by the Authority) as may be required by the Comptroller or the Authority for the purpose of this Notification; and
such declaration (in relation to transactions with related parties) as may be required by the Comptroller or the Authority for the purpose of this Notification.
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