Regulation 1
Citation
These Regulations may be cited as the Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations.
/akn/sg/act/sub_leg/1947/ITA-RG32
Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 7
Quick answer
About this subsidiary legislation
Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-RG32 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 239/2016 wef 28/06/2013S 51/2006 wef 01/01/2005S 195/2026 wef 31/12/2021S 195/2026 wef 15/02/2023
In these Regulations —“Authority” means the Monetary Authority of Singapore;“debt securities”, “Islamic debt securities”, “primary dealer” and “Singapore Government securities” have the same meanings as in section 43H of the Act;[Deleted by S 195/2026 wef 15/02/2023]“early redemption fee”, “financial institution”, “qualifying debt securities” and “redemption premium” have the meanings given by section 13(16) of the Act.
Definition
“Authority” means the Monetary Authority of Singapore;
Amended byS 239/2016 wef 28/06/2013
Definition
“debt securities”, “Islamic debt securities”, “primary dealer” and “Singapore Government securities” have the same meanings as in section 43H of the Act;
Amended byS 51/2006 wef 01/01/2005S 195/2026 wef 31/12/2021
Definition
“early redemption fee”, “financial institution”, “qualifying debt securities” and “redemption premium” have the meanings given by section 13(16) of the Act.
Amended byS 195/2026 wef 15/02/2023
Regulation 3
Concessionary rate of tax
Amended byS 214/2001 wef 10/04/2001S 239/2016 wef 01/01/2014S 267/2009 wef 01/01/2009S 349/2005 wef 01/01/2004S 349/2005 wef 03/12/2003S 214/2001 wef 10/04/2001S 868/2018 wef 27/12/2018S 195/2026 wef 31/12/2021S 195/2026 wef 01/01/2024S 239/2016 wef 01/01/2014S 267/2009 wef 01/01/2009S 98/2007 wef 17/02/2006S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024S 195/2026 wef 31/12/2021S 239/2016 wef 01/01/2014S 267/2009 wef 01/01/2009S 51/2006 wef 01/01/2005S 868/2018 wef 27/12/2018S 195/2026 wef 31/12/2021S 195/2026 wef 01/01/2024S 239/2016 wef 01/01/2014S 267/2009 wef 01/01/2009S 398/2008 wef 15/02/2007S 868/2018 wef 27/12/2018S 195/2026 wef 31/12/2021S 195/2026 wef 15/02/2023S 195/2026 wef 01/01/2024S 349/2005 wef 03/12/2003S 349/2005 wef 03/12/2003
Tax shall be payable at the rate of 10% on —
(a)
any interest derived by a company on or after 28th February 1998 from any qualifying debt securities issued during the period from 28th February 1998 to 25th April 1999;
(aa)subject to section 43H(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations 2001 (G.N. No. S 212/2001), any interest derived by a company on or after 26 April 1999 from any qualifying debt securities issued during the period from 26 April 1999 to 31 December 2028 (both dates inclusive);
(ab)subject to section 43H(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35), any discount derived by a company from any qualifying debt securities which are —
(i)
[Deleted by S 195/2026 wef 01/01/2024](ii)issued during the period from 17 February 2006 to 31 December 2028 (both dates inclusive);
(ac)subject to section 43H(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35), any amount payable to any company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1 January 2005 to 31 December 2028 (both dates inclusive);
(ad)subject to section 43H(2) of the Act, regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations (Rg 35), any early redemption fee or redemption premium derived by a company on or after 15 February 2007 from any qualifying debt securities issued during the period from 15 February 2007 to 31 December 2028 (both dates inclusive);
(b)
any income derived by a financial institution from trading in any debt securities during the period from 28th February 1998 to 31st December 2003; and
(c)
any income derived by any financial institution during the period commencing from the first day of its basis period for the year of assessment 2001 to 31st December 2003 from —
(i)
providing services as an intermediary in connection with any transaction involving interest rate or currency swaps; and
(ii)
trading in interest rate or currency swaps.
Regulation 4
Tax exemption
Amended byS 214/2001 wef 10/04/2001S 349/2005 wef 03/12/2003S 214/2001 wef 10/04/2001S 239/2016 wef 01/01/2014S 267/2009 wef 01/01/2009S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024
There shall be exempt from tax —
(a)
any income derived by a financial institution on or after 28th February 1998 from arranging, underwriting and distributing any qualifying debt securities issued during the period from 28th February 1998 to 25th April 1999;
(aa)subject to regulation 7 and the conditions specified in the Income Tax (Qualifying Debt Securities) Regulations 2001 (G.N. No. S 212/2001), any income derived by a financial institution before 1st January 2004 from arranging, underwriting and distributing any qualifying debt securities issued during the period from 26th April 1999 to 31st December 2003; and
(b)
notwithstanding regulation 3(b), any income derived by a primary dealer from trading in any Singapore Government securities during the period from 27 February 1999 to 31 December 2028 (both dates inclusive).
Regulation 5
Determination of income chargeable to tax at concessionary rate
Amended byS 51/2006 wef 26/01/2006
For the purposes of regulation 3, the Comptroller shall determine —
(a)
the income chargeable to tax of a company or financial institution, as the case may be, having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining such income; and
(b)
the manner and extent to which any losses arising from the activities specified in these regulations may be deducted under the Act in ascertaining the chargeable income of a company or financial institution, as the case may be.
Regulation 6
Determination of income exempted from tax
Amended byS 520/2013 wef Y/A 2013 & Sub. Ys/AS 98/2007 wef 13/02/2007S 195/2026 wef 31/12/2021
Subregulation 1
Amended byS 520/2013 wef Y/A 2013 & Sub. Ys/A
In determining the income of a financial institution or a primary dealer to be exempted from tax under regulation 4 —
(a)
the Comptroller shall have regard to such expenses and capital allowances allowable under the Act as are, in his opinion, to be deducted in ascertaining such income;
(b)
there shall be deducted from that income any allowances under section 19, 19A, 20, 21 or 22 attributable to that income notwithstanding that no claim for those allowances has been made;
(c)
any balance of the allowances mentioned in sub-paragraph (b) and any losses incurred in respect of any activity the income from which would be exempted from tax under regulation 4 shall only be deducted against income from the same activity exempted under that regulation, and any balance of such allowances and losses shall not be deducted against any other income; and
(d)
any balance of the allowances and losses mentioned in sub-paragraph (c) remaining unabsorbed as at the end of the period for which the exemption from tax under regulation 4 applies shall, subject to paragraph (2), be available as a deduction against any other income for the year of assessment which relates to the basis period in which the tax exemption ceases and any subsequent year of assessment in accordance with section 23 or 37 of the Act, as the case may be.
Subregulation 2
Amended byS 98/2007 wef 13/02/2007S 195/2026 wef 31/12/2021
Section 37A of the Act shall apply to any amount of allowances and losses available as a deduction against any other income as provided under paragraph (1)(d) as if they were unabsorbed allowances or losses in respect of the income of a company subject to tax at a lower rate of tax under that section; and for this purpose the rate of tax shall be taken to be the concessionary rate of tax in accordance with regulations made under section 43H of the Act.
Regulation 7
Requirement to submit return
Amended byS 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024S 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 349/2005 wef 27/02/2004S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024S 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 51/2006 wef 01/01/2005S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024S 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 398/2008 wef 15/02/2007S 868/2018 wef 27/12/2018S 195/2026 wef 15/02/2023S 195/2026 wef 01/01/2024S 349/2005 wef 03/12/2003
Subregulation 1
Amended byS 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024
The concessionary rate of tax referred to in regulation 3(aa) shall not apply to any interest derived by a company from any qualifying debt securities issued during the period from 26 April 1999 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —
(a)
a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require.
Subregulation 1A
Amended byS 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 349/2005 wef 27/02/2004S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024
The concessionary rate of tax referred to in regulation 3(ab) shall not apply to the discount derived by a company from any qualifying debt securities issued during the period from 17 February 2006 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —
(a)
a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require.
Subregulation 1B
Amended byS 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 51/2006 wef 01/01/2005S 868/2018 wef 27/12/2018S 195/2026 wef 01/01/2024
The concessionary rate of tax referred to in regulation 3(ac) shall not apply to any amount payable to a company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1 January 2005 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —
(a)
a return on those securities within such period as the Authority may specify; and (b)such other particulars in connection with those securities as the Authority may require.
Subregulation 1C
Amended byS 239/2016 wef 28/06/2013S 239/2016 wef 01/01/2014S 239/2016 wef 28/06/2013S 267/2009 wef 01/01/2009S 398/2008 wef 15/02/2007S 868/2018 wef 27/12/2018S 195/2026 wef 15/02/2023S 195/2026 wef 01/01/2024
The concessionary rate of tax referred to in regulation 3(ad) shall not apply to any early redemption fee or redemption premium derived by a company from any qualifying debt securities issued during the period from 15 February 2007 to 31 December 2028 (both dates inclusive), where the issuer of such securities, or such other person as the Authority may direct, has not furnished to the Authority in respect of the issue of the debt securities —
(a)
a return on those securities within such period as the Authority may specify; and
(b)
such other particulars in connection with those securities as the Authority may require.
Subregulation 2
Amended byS 349/2005 wef 03/12/2003
The tax exemption referred to in regulation 4(aa) shall not apply to any income derived by a financial institution from arranging, underwriting and distributing any qualifying debt securities during the period from 26th April 1999 to 31st December 2003, where the issuer of such securities, or such other person as the Comptroller may direct, has not furnished to the Comptroller in respect of the issue of the debt securities —
(a)
a return on those securities within such period as the Comptroller may specify; and (b)such other particulars in connection with those securities as the Comptroller may require.
Common questions
- What is Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations?
- Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-RG32 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations still in force?
- Yes — Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations is currently in force.
- When did Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations take effect?
- Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations was first recorded in 1947.
- How many regulations does Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations have?
- Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations contains 7 regulations.
- Where can I read the official version of Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations?
- The official text of Income Tax (Concessionary Rate of Tax or Exemption for Income Derived from Debt Securities) Regulations is published at sso.agc.gov.sg.