Singapore legislation
Regulation 4
of Income Tax (Prescribed Islamic Financing Arrangements) Regulations 2009
Regulation 4
Prescribed returns
The following returns are prescribed for the purpose of section 34B of the Act:
in the case of any Islamic deposit based on the Murabaha concept, the difference between the marked-up price and the original price referred to in paragraph (c) of the definition of that deposit in regulation 2;
(aa)in the case of any Islamic financing based on the Diminishing Musharakah concept, the difference (between the total amount payable by the customer and the contribution) referred to in paragraph (g) of the definition of that financing in regulation 2;
(ab)in the case of any Islamic financing based on the Istisna concept, the difference (between the total amount payable by the customer and the purchase price) referred to in paragraph (h) of the definition of that financing in regulation 2;
in the case of any Islamic financing based on the Murabaha concept, the difference between the marked-up price and the original price referred to in paragraph (d) of the definition of that financing in regulation 2;
(ba)in the case of any Islamic inter-bank placement based on the Murabaha concept, the difference (between the marked-up price and the original price) referred to in paragraph (c) of the definition of that inter-bank placement in regulation 2;
(bb)in the case of any Islamic inter-bank placement based on the Wakalah concept, the expected profit referred to in paragraph (a) of the definition of that inter-bank placement in regulation 2;
in the case of any Islamic mortgage based on the Ijara Wa Igtina concept, the difference between the total amount payable and the original price referred to in paragraph (h) of the definition of that mortgage in regulation 2;
in the case of any Islamic transaction based on the Spot Murabaha concept, the difference between the spot price and the agreed price referred to in paragraph (b), or in paragraph (c), as the case may be, of the definition of that transaction in regulation 2.