Regulation 1
Citation and commencement
These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 and shall be deemed to have come into operation on 1st April 2008.
/akn/sg/act/sub_leg/1947/ITA-S136-2009
Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009
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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 for Approved Insurance Brokers) Regulations 2009 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S136-2009 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 494/2021 wef 01/07/2021S 931/2022 wef 02/12/2019S 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021S 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021S 494/2021 wef 01/07/2021S 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021S 494/2021 wef 01/07/2021S 494/2021 wef 01/07/2021S 143/2015 wef 20/03/2015S 494/2021 wef 01/07/2021
In these Regulations —[Deleted by S 494/2021 wef 01/07/2021]“advisory service” means any risk advisory service, or other advisory service relating to any insurance policy;“approved insurance broker” means a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker approved by the Minister or such person as the Minister may appoint;“direct insurer” has the meaning given by section 2 of the Insurance Act 1966;“direct life insurer” means a direct insurer licensed under section 11 of the Insurance Act 1966 to carry on life business;“insurance broking” means direct insurance broking or reinsurance broking;“insurance broking services” means the services of direct insurance broking or reinsurance broking, or both;“life business” has the meaning given by section 3(1)(a) of the Insurance Act 1966;“risk advisory services” means the design, structuring, modelling and implementation of any risk management programme using an insurance policy;[Deleted by S 8/2019 wef 01/04/2018]“specified person” means —
(a)
[Deleted by S 494/2021 wef 01/07/2021](b)in relation to the provision of insurance broking from which commission and fee income is derived by an approved insurance broker during the period from 1 April 2013 to 30 June 2021 (both dates inclusive), any insured person or person seeking insurance coverage for offshore risks; and
(c)
in relation to the provision of advisory services from which commission and fee income is derived by an approved insurance broker before 1 July 2021, any person —
(i)
who is not resident in Singapore and who does not have a permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the service fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation.
Definition
“advisory service” means any risk advisory service, or other advisory service relating to any insurance policy;
Amended byS 494/2021 wef 01/07/2021
Definition
“approved insurance broker” means a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker approved by the Minister or such person as the Minister may appoint;
Amended byS 931/2022 wef 02/12/2019
Definition
“direct insurer” has the meaning given by section 2 of the Insurance Act 1966;
Amended byS 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021
Definition
“direct life insurer” means a direct insurer licensed under section 11 of the Insurance Act 1966 to carry on life business;
Amended byS 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021
Definition
“insurance broking” means direct insurance broking or reinsurance broking;
Definition
“insurance broking services” means the services of direct insurance broking or reinsurance broking, or both;
Amended byS 494/2021 wef 01/07/2021
Definition
“life business” has the meaning given by section 3(1)(a) of the Insurance Act 1966;
Amended byS 494/2021 wef 01/07/2021S 931/2022 wef 31/12/2021
Definition
“risk advisory services” means the design, structuring, modelling and implementation of any risk management programme using an insurance policy;
Amended byS 494/2021 wef 01/07/2021
Definition
“specified person” means —
(a)
[Deleted by S 494/2021 wef 01/07/2021](b)in relation to the provision of insurance broking from which commission and fee income is derived by an approved insurance broker during the period from 1 April 2013 to 30 June 2021 (both dates inclusive), any insured person or person seeking insurance coverage for offshore risks; and
(c)
in relation to the provision of advisory services from which commission and fee income is derived by an approved insurance broker before 1 July 2021, any person —
(i)
who is not resident in Singapore and who does not have a permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the service fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation.
Amended byS 494/2021 wef 01/07/2021S 143/2015 wef 20/03/2015S 494/2021 wef 01/07/2021
Regulation 2A
Application
Amended byS 609/2017 wef 01/06/2017
These Regulations apply to an approved insurance broker that is approved as such before 1 June 2017.
Regulation 3
Period of concession
Amended byS 931/2022 wef 31/12/2021
The Minister, or such person as he may appoint, may approve any insurance broker for the purposes of section 43R of the Act for such period not exceeding 10 years as he may specify.
Regulation 4
Concessionary rate of tax for income derived before 1 July 2021 of approved insurance broker
Amended byS 8/2019 wef 01/04/2018S 494/2021 wef 01/07/2021
Subregulation 1
Amended byS 8/2019 wef 01/04/2018S 494/2021 wef 01/07/2021
Tax is payable at the rate of 10% on the commission and fee income derived by an approved insurance broker before 1 July 2021 from the provision of insurance broking or advisory services to a specified person.
Subregulation 2
[Deleted by S 8/2019 wef 01/04/2018]
Regulation 4A
Concessionary rate of tax for income derived on or after 1 July 2021 of approved insurance broker
Amended byS 494/2021 wef 01/07/2021
Subregulation 1
Tax is payable at the rate of 10% on the commissions and fees derived by an approved insurance broker on or after 1 July 2021 from the provision of either or both of the following services that do not relate to any insurance in paragraph (2):
(a)
insurance broking services;
(b)
advisory services.
Subregulation 2
For the purposes of paragraph (1), the insurance is —
(a)
an insurance under a direct stand-alone policy; or
(b)
an insurance against any risk underwritten by a direct life insurer in the course of carrying on its life business.
Subregulation 3
Amended byS 494/2021 wef 01/07/2021
In paragraph (2)(a), “direct stand-alone policy” means a direct insurance policy that a person purchases to cover one or more of the following risks (and not any other risk):
(a)
fire risk;
(b)
motor risk;
(c)
work injury compensation risk;
(d)
personal accident risk;
(e)
health risk.
Regulation 5
Determination of income chargeable to tax
Amended byS 494/2021 wef 01/07/2021
For the purposes of regulations 4 and 4A, the Comptroller shall determine —
(a)
the income chargeable to tax of an approved insurance broker 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 insurance broking and advisory services specified in regulations 4 and 4A may be deducted under section 37(3) of the Act in ascertaining the chargeable income of the approved insurance broker.
Common questions
- What is Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009?
- Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S136-2009 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 still in force?
- Yes — Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 is currently in force.
- When did Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 take effect?
- Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 was first recorded in 1947.
- How many regulations does Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 have?
- Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 contains 7 regulations.
- Where can I read the official version of Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009?
- The official text of Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009 is published at sso.agc.gov.sg.