/akn/sg/act/sub_leg/1947/ITA-S348-2005
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Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) Regulations 2005 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S348-2005 1947, currently marked in force and first recorded in 1947.
Citation and commencement
These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Provision of Processing Services to Financial Institutions) Regulations 2005 and shall be deemed to have come into operation on 30th November 2004.
Definitions
In these Regulations —“approved company” means a company in Singapore which is approved under section 43R of the Act;“prescribed processing services” means any of the services specified in the Schedule provided in Singapore by an approved company.
“approved company” means a company in Singapore which is approved under section 43R of the Act;
“prescribed processing services” means any of the services specified in the Schedule provided in Singapore by an approved company.
Period of concession
The Minister, or such person as he may appoint, may approve any company for the purposes of section 43R of the Act for such period not exceeding 10 years as he may specify.
Concessionary rate of tax
Tax shall be payable at the rate of 5% on the income derived by an approved company on or after 27th February 2004 in respect of the provision of any prescribed processing services to —
any financial institution; or (b)another approved company.
Determination of income chargeable to tax
For the purposes of regulation 4, the Comptroller shall determine —
the income chargeable to tax of an approved company 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
the manner and extent to which any losses arising from any prescribed processing services may be deducted under section 37(3) of the Act in ascertaining the chargeable income of the approved company.