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12% tax payable on qualifying income of financial sector incentive (standard tier) company derived on or after 1st January 2011

Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005

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—(1) Subject to this regulation and regulation 7A, tax shall be payable at the rate of 12% on the income of a financial sector incentive (standard tier) company derived during the period between 1 January 2011 and 31 December 2013 (both dates inclusive), being —(a)income from any of the activities specified in Part 1 of the Fourth Schedule; and(b)interest from any deposit held by the company as a corporate futures member as a margin for any transaction in relation to any activity referred to in sub-paragraph (i), (k) or (l) of Part 1 of the Fourth Schedule.(1A) Subject to this regulation and regulation 7A, tax is payable at the rate of 12% on the income of a financial sector incentive (standard tier) company derived during the period between 1 April 2013 and 31 December 2013 (both dates inclusive) from any of the activities specified in Part 2 of the Fourth Schedule.(1B) Subject to this regulation and regulation 7A, tax is payable at the rate of 12% on the income of a financial sector incentive (standard tier) company derived during the period between 1 January 2014 and 30 June 2021 (both dates inclusive), being —(a)income from any of the activities specified in the Fifth Schedule; and(b)interest from any deposit held by the company as a corporate futures member as a margin for any transaction in relation to any activity mentioned in sub‑paragraph (j), (l) or (m) of the Fifth Schedule.(1C) Subject to this regulation, tax is payable at the rate of 12% on the income of a financial sector incentive (standard tier) company derived on or after 1 July 2021, being —(a)income from any of the activities specified in the Sixth Schedule; and (b)interest from any deposit held by the company as a corporate futures member as a margin for any transaction in relation to any activity mentioned in paragraph 1(e), (g) or (h) of the Sixth Schedule.(2) The concessionary rate of tax referred to in paragraph (1), (1B) or (1C) shall not, unless otherwise approved by the Minister or such person as he may appoint, apply to —(a)any interest derived from any qualifying debt securities issued during the period from 10th May 1999 to 31st December 2023 (both dates inclusive);(b)any discount from any qualifying debt securities issued during the period from 17th February 2006 to 31st December 2023 (both dates inclusive); (c)any amount payable from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2023 (both dates inclusive); and(d)any prepayment fee, redemption premium or break cost from qualifying debt securities issued during the period from 15th February 2007 to 31st December 2023 (both dates inclusive),where 50% or more of those securities which are outstanding at any time during the life of the issue is beneficially held or funded, directly or indirectly, by related parties of the issuer of those securities and where such income is derived by — (i)any financial sector incentive (standard tier) company which is a related party of the issuer of those securities; or (ii)any financial sector incentive (standard tier) company where the funds used by such company to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.(3) The concessionary rate of tax referred to in paragraph (1), (1B) or (1C) shall not apply to any income derived by a financial sector incentive (standard tier) company from any qualifying debt securities issued during the relevant period referred to in paragraph (2), where the issuer of such securities, or such other person as the Monetary Authority of Singapore may direct, has not furnished to the Monetary Authority of Singapore in respect of the issue of the debt securities — (a)a return on those securities within such period as the Monetary Authority of Singapore may specify; and (b)such other particulars in connection with those securities as the Monetary Authority of Singapore may require.(4) In this Regulation, “break cost”, “prepayment fee”, “redemption premium” and “related party” have the same meanings as in section 13(16) of the Act.

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