Singapore legislation
Regulation 4A
of Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009
Regulation 4A
Concessionary rate of tax for income derived on or after 1 July 2021 of approved insurance broker
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):
insurance broking services;
advisory services.
Subregulation 2
For the purposes of paragraph (1), the insurance is —
an insurance under a direct stand-alone policy; or
an insurance against any risk underwritten by a direct life insurer in the course of carrying on its life business.
Subregulation 3
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):
fire risk;
motor risk;
work injury compensation risk;
personal accident risk;
health risk.