Singapore legislation
Regulation 5
of Income Tax (Concessionary Rate of Tax for Approved Insurance Brokers) Regulations 2009
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.