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Concessionary rate of tax for income derived before 1 July 2021 of approved insurer

Income Tax (Exemption and Concessionary Tax Rate for Income from Life Insurance Business) Regulations

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—(1) Tax shall be payable at the rate of 10% on the following income derived before 1 July 2021 by an approved insurer:(a)the amount referred to in section 26(7)(a)(i) of the Act (but excluding the investment income and gains or profits derived from the sale of investments and other income, whether derived from Singapore or elsewhere, of any life insurance fund established under the Insurance Act 1966 relating to offshore life policies);(b)the dividends and interest derived from outside Singapore, the gains or profits realised from the sale of offshore investments, and interest from ACU deposits derived from —(i)subject to paragraph (2), the investment of its insurance fund established and maintained under the Insurance Act 1966 for the offshore life business; and(ii)the investment of its shareholders’ funds established in Singapore which are used to support the offshore life business as ascertained under regulation 5.(2) Where the Comptroller is satisfied that any part of the insurance fund referred to in sub-paragraph (b)(i) of paragraph (1) is not required to support the offshore life business of an approved insurer, he may adopt such reduced amount of the dividends, interest and gains or profits under that sub-paragraph as appears to him to be reasonable in the circumstances.(3) For the year of assessment 2012 and subsequent years of assessment, a reference to interest in this regulation includes a reference to qualifying return in lieu of interest.

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