Singapore legislation

Regulation 3

of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2007

Regulation 3

Exemption

Subregulation 1

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 —

(a)

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 —

(i)

a contract for such derivatives which took effect before 15th February 2007; or

(ii)

a contract for such derivatives which is extended or renewed, where the extension or renewal took effect before 15th February 2007; and

(b)

on over-the-counter financial derivatives, where the payment is liable to be made under —

(i)

a contract for such derivatives which takes effect during the period from 15th February 2007 to 19th May 2012 (both dates inclusive); or

(ii)

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).

Subregulation 2

The exemption shall be subject to —

(a)

such conditions as may be imposed by the Minister;

(b)

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

(c)

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.

Read in full context — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2007 →