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Concessionary rate of tax for approved marine hull and liability insurer

Income Tax (Exemption and Concessionary Tax Rate for Income from General Business) Regulations 2017

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—(1) Tax is payable at the rate of 10% on income specified in paragraph (2) derived by an approved marine hull and liability insurer in a basis period for any year of assessment.(2) For the purposes of paragraph (1), the income is —(a)underwriting income derived from the insurer’s marine hull and liability insurance and reinsurance business in Singapore;(b)the part of A that is ascertained by the formula (c)the part of B that is ascertained by the formula and(d)the part of C that is ascertained by the formula (3) In paragraph (2) —“A”, “B”, “C”, “Pig” and “Pog” have the same meanings as in regulation 8(3), with each reference to approved insurer substituted with the reference to approved marine hull and liability insurer;“Pim” is the total amount of gross premiums received or receivable in the basis period in respect of all policies underwritten by the approved marine hull and liability insurer in the course of carrying on its marine hull and liability insurance and reinsurance business in Singapore (other than offshore marine hull and liability insurance and reinsurance business);“Pom” is the total amount of gross premiums received or receivable in the basis period in respect of all policies underwritten by the approved marine hull and liability insurer in the course of carrying on its offshore marine hull and liability insurance and reinsurance business in Singapore.(4) For the purposes of paragraph (2), where the Comptroller is satisfied that any part of the insurance fund mentioned in the definition of “A” or “B” in regulation 8(3) (as applied by paragraph (3)) is not required to support the offshore marine hull and liability insurance and reinsurance business in Singapore or marine hull and liability insurance and reinsurance business in Singapore (other than offshore marine hull and liability insurance and reinsurance business) of the approved marine hull and liability insurer (as the case may be), the Comptroller may adopt such reduced amount of “A” in paragraph (2)(b) or “B” in paragraph (2)(c) as appears to the Comptroller to be reasonable in the circumstances.(5) For the purposes of paragraph (2), where the Comptroller is satisfied that any part of the shareholders’ fund mentioned in the definition of “C” in regulation 8(3) (as applied by paragraph (3)) is not required to support the marine hull and liability insurance and reinsurance business in Singapore of the approved marine hull and liability insurer, the Comptroller may adopt such reduced amount of “C” in paragraph (2)(d) as appears to the Comptroller to be reasonable in the circumstances.

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