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Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009

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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.

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