/akn/sg/act/sub_leg/1947/ITA-S385-2006
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Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2006 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S385-2006 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. 3) Notification 2006 and shall be deemed to have come into operation on 1st January 2004.
Definitions
In this Notification —“Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004;“financial derivatives” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005);“financial sector incentive (derivatives market) company” means a company approved as a financial sector incentive (derivatives market) company under the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005) during the period from 1st January 2004 to 19th May 2007 (both dates inclusive), and includes an Approved Derivatives Trader before 1st January 2004 deemed to be approved as a financial sector incentive (derivatives market) company under those Regulations;“related party”, in relation to any financial sector incentive (derivatives market) company, means any person who —
controls the financial sector incentive (derivatives market) company, whether directly or indirectly;
is controlled by the financial sector incentive (derivatives market) company, whether directly or indirectly; or
together with the financial sector incentive (derivatives market) company, is controlled by a common person, whether directly or indirectly.
“Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004;
“financial derivatives” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005);
“financial sector incentive (derivatives market) company” means a company approved as a financial sector incentive (derivatives market) company under the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005 (G.N. No. S 735/2005) during the period from 1st January 2004 to 19th May 2007 (both dates inclusive), and includes an Approved Derivatives Trader before 1st January 2004 deemed to be approved as a financial sector incentive (derivatives market) company under those Regulations;
“related party”, in relation to any financial sector incentive (derivatives market) company, means any person who —
controls the financial sector incentive (derivatives market) company, whether directly or indirectly;
is controlled by the financial sector incentive (derivatives market) company, whether directly or indirectly; or
together with the financial sector incentive (derivatives market) company, is controlled by a common person, whether directly or indirectly.
Exemption
This paragraph applies to any payment —
made by a financial sector incentive (derivatives market) company to a person who is not resident in Singapore;
that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
that is liable to be made under a contract for over-the-counter financial derivatives, where —
the contract takes effect on a date on or before 31 December 2018; or
the contract is extended or renewed, and the extension or renewal of the contract takes effect on a date on or before 31 December 2018.
Any payment mentioned in sub-paragraph (1) is exempt from tax, subject to —
such conditions as may be imposed by the Minister; and
the giving by the financial sector incentive (derivatives market) company of such declaration (in relation to transactions with related parties) as may be required by the Comptroller or the Monetary Authority of Singapore for the purpose of this Notification.
Cancellation
The Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 4) Notification 2003 (G.N. No. S 644/2003) is cancelled.