Regulation 1
Citation and commencement
These Regulations may be cited as the Income Tax (Deductible Borrowing Costs) Regulations 2008 and shall have the effect for the year of assessment 2008 and subsequent years of assessment.
/akn/sg/act/sub_leg/1947/ITA-S115-2008
Income Tax (Deductible Borrowing Costs) Regulations 2008
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 3
Quick answer
About this subsidiary legislation
Income Tax (Deductible Borrowing Costs) Regulations 2008 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S115-2008 1947, currently marked in force and first recorded in 1947.
Regulation 2
Prescribed sums payable in lieu of interest or for reduction thereof
Subregulation 1
For the purposes of section 14(1)(a)(ii) of the Act, the prescribed sums payable by any person in lieu of interest or for the reduction thereof are any deductible borrowing costs incurred by the person.
Subregulation 2
In paragraph (1), “deductible borrowing costs” means any of the items specified in the first column of the Schedule which are of the description specified in the second column thereof.
Regulation 3
Restriction of deduction in respect of money borrowed before basis period relating to year of assessment 2008
Where a discount on debt securities referred to in item 3 in the Schedule or premium on debt securities referred to in item 4 in the Schedule is incurred by any person on any debt securities issued before the basis period relating to the year of assessment 2008, only such amount of the discount or premium attributable to the year of assessment 2008 and subsequent years of assessment as determined —
(a)
in accordance with the formulawhere Ais the number of days between the first day of the basis period relating to the year of assessment 2008 and the date the discount or premium is incurred by the person (both dates inclusive);Bis the number of days between the date the debt security was issued and the date the discount or premium is incurred by the person (both dates inclusive); andCis the total amount of discount or premium incurred by the person; or
(b)
where it is just and reasonable in the circumstances of any particular case, on such other basis as the Comptroller thinks fit,shall be deductible.
Common questions
- What is Income Tax (Deductible Borrowing Costs) Regulations 2008?
- Income Tax (Deductible Borrowing Costs) Regulations 2008 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S115-2008 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Deductible Borrowing Costs) Regulations 2008 still in force?
- Yes — Income Tax (Deductible Borrowing Costs) Regulations 2008 is currently in force.
- When did Income Tax (Deductible Borrowing Costs) Regulations 2008 take effect?
- Income Tax (Deductible Borrowing Costs) Regulations 2008 was first recorded in 1947.
- How many regulations does Income Tax (Deductible Borrowing Costs) Regulations 2008 have?
- Income Tax (Deductible Borrowing Costs) Regulations 2008 contains 3 regulations.
- Where can I read the official version of Income Tax (Deductible Borrowing Costs) Regulations 2008?
- The official text of Income Tax (Deductible Borrowing Costs) Regulations 2008 is published at sso.agc.gov.sg.