Regulation 1
Citation
This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003.
/akn/sg/act/sub_leg/1947/ITA-S500-2003
Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 4
Quick answer
About this subsidiary legislation
Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S500-2003 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 333/2024 wef 31/12/2021
In this Notification —“compensatory payment” and “securities lending or repurchase arrangement” have the same meanings as in section 10H(12) of the Act;“specified payments” means any of the following: (a)borrowing fees;
(b)
loan rebate fees;
(c)
price differentials;
(d)
interest payments; and
(e)
compensatory payments.
Definition
“compensatory payment” and “securities lending or repurchase arrangement” have the same meanings as in section 10H(12) of the Act;
Amended byS 333/2024 wef 31/12/2021
Definition
“specified payments” means any of the following: (a)borrowing fees;
(b)
loan rebate fees;
(c)
price differentials;
(d)
interest payments; and
(e)
compensatory payments.
Regulation 3
Exemption
Amended byS 333/2024 wef 04/11/2022S 333/2024 wef 01/01/2023S 333/2024 wef 04/11/2022S 333/2024 wef 04/11/2022S 799/2018 wef 10/12/2018S 333/2024 wef 15/04/2024S 333/2024 wef 15/04/2024S 333/2024 wef 15/04/2024S 333/2024 wef 15/04/2024S 333/2024 wef 15/04/2024
Subregulation 2
Amended byS 333/2024 wef 04/11/2022S 333/2024 wef 01/01/2023S 333/2024 wef 04/11/2022S 333/2024 wef 04/11/2022S 799/2018 wef 10/12/2018S 333/2024 wef 15/04/2024
Subject to sub-paragraphs (3), (4) and (5) any specified payment —
(a)
made by an institution specified in Part II of the Schedule to a person who is not a resident in Singapore; (b)that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
(c)
that is liable to be made —
(i)
under a securities lending or repurchase agreement that takes effect on a date that falls within the period from 28 October 2003 to 31 December 2026 (both dates inclusive) (called in this sub-paragraph the relevant period); (ii)under a securities lending or repurchase agreement that is extended or renewed, where —
(A)
the extension or renewal takes effect on a date that falls within the relevant period; and
(B)
the payment is made on or after the date on which such extension or renewal takes effect; or
(iii)
under a securities lending or repurchase agreement that is varied, where —
(A)
the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and
(B)
the payment is made on or after the date on which the variation takes effect,is exempt from tax.
Subregulation 3
Amended byS 333/2024 wef 15/04/2024
The exemptions referred to in sub‑paragraph (2) in relation to specified payments which are loan rebate fees or price differentials shall not apply unless the institution which entered into the securities lending or repurchase arrangement entered into such securities lending or repurchase arrangement as principal.
Subregulation 4
Amended byS 333/2024 wef 15/04/2024S 333/2024 wef 15/04/2024
The exemptions referred to in sub‑paragraph (2) in relation to specified payments which are interest payments shall not apply unless —
(a)
the institution which entered into the securities lending or repurchase arrangement entered into such securities lending or repurchase arrangement as principal; and
(b)
the interest payments are derived from moneys held on deposit in a bank in Singapore, where —
(i)
the moneys for the deposit are from a collateral placed with the institution by a person who is not a resident in Singapore; and
(ii)
the collateral was not obtained from any operation carried on by the person through the person’s permanent establishment in Singapore.
Subregulation 5
Amended byS 333/2024 wef 15/04/2024
However, the exemption under sub-paragraph (2) does not apply to a specified payment liable to be made —
(a)
under a securities lending or repurchase agreement mentioned in sub-paragraph (2)(c) that is varied with effect from a date on or after 1 January 2027; and
(b)
on or after the date the variation takes effect.
Regulation 4
Repealed / deleted
[Deleted by S 333/2024 wef 15/04/2024]
Common questions
- What is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S500-2003 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 still in force?
- Yes — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 is currently in force.
- When did Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 take effect?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 have?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 contains 4 regulations.
- Where can I read the official version of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003?
- The official text of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 is published at sso.agc.gov.sg.