Regulation 1
Citation and commencement
This Notification is the Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 and is deemed to have come into operation on 1 April 2021.
/akn/sg/act/sub_leg/1947/ITA-S769-2024
Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 3
Quick answer
About this subsidiary legislation
Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S769-2024 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 770/2024 wef 31/12/2021S 770/2024 wef 31/12/2021S 770/2024 wef 01/07/2021
In this Notification —“bank in Singapore” means —
(a)
a bank that holds a licence granted under section 7 or 79 of the Banking Act 1970; or
(b)
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970;“bank outside Singapore” means a financial institution that is licensed or approved (or exempt from licensing or approval) to carry on banking business outside Singapore, by a financial supervisory authority of the jurisdiction in which it carries on its banking business;“qualifying payment” means any income referred to in section 12(6) of the Act.
Definition
“bank in Singapore” means —
(a)
a bank that holds a licence granted under section 7 or 79 of the Banking Act 1970; or
(b)
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970;
Amended byS 770/2024 wef 31/12/2021S 770/2024 wef 31/12/2021S 770/2024 wef 01/07/2021
Definition
“bank outside Singapore” means a financial institution that is licensed or approved (or exempt from licensing or approval) to carry on banking business outside Singapore, by a financial supervisory authority of the jurisdiction in which it carries on its banking business;
Definition
“qualifying payment” means any income referred to in section 12(6) of the Act.
Regulation 3
Exemption
Amended byS 770/2024 wef 04/11/2022S 770/2024 wef 04/11/2022S 770/2024 wef 03/10/2024S 770/2024 wef 03/10/2024
Subregulation 1
Amended byS 770/2024 wef 04/11/2022S 770/2024 wef 04/11/2022S 770/2024 wef 03/10/2024
Subject to sub‑paragraphs (2), (3) and (4), where a qualifying payment is made by a bank in Singapore to a bank outside Singapore, the qualifying payment is exempt from tax if the qualifying payment —
(a)
is liable to be made at any time during the period from 1 April 2021 to 31 December 2031 (both dates inclusive) under —
(i)
a contract which took effect before 1 April 2021;
(ii)
a contract which was extended or renewed, where the extension or renewal took effect before 1 April 2021; or
(iii)
a debt security which was issued before 1 April 2021; (b)is liable to be made under a contract which takes effect on a date which falls within the period from 1 April 2021 to 31 December 2031 (both dates inclusive);
(c)
is liable to be made —
(i)
under a contract which is extended or renewed, where the extension or renewal takes effect on a date which falls within the period from 1 April 2021 to 31 December 2031 (both dates inclusive); and
(ii)
on or after the date on which the extension or renewal takes effect; (ca)is liable to be made —
(i)
under a contract which is varied, where the variation takes effect on a date which falls within the period from 4 November 2022 to 31 December 2031 (both dates inclusive); and
(ii)
on or after the date on which the variation takes effect; or
(d)
is liable to be made under a debt security which is issued on a date which falls within the period from 1 April 2021 to 31 December 2031 (both dates inclusive).
Subregulation 2
The exemption in sub‑paragraph (1) only applies —
(a)
if the bank outside Singapore is not resident in Singapore and does not have a permanent establishment in Singapore; or (b)if the bank outside Singapore is not resident in Singapore and carries on an operation in Singapore through a permanent establishment in Singapore, and —
(i)
the contract under which the qualifying payment is made is not entered into through that operation; or
(ii)
the debt security under which the qualifying payment is made is not acquired by the bank outside Singapore through that operation.
Subregulation 3
The exemption in sub‑paragraph (1) does not apply to any qualifying payment made by a bank in Singapore in connection with an arrangement mentioned in section 33(1) of the Act.
Subregulation 4
Amended byS 770/2024 wef 03/10/2024
The exemption in sub-paragraph (1) does not apply to any qualifying payment liable to be made —
(a)
under a contract mentioned in sub-paragraph (1)(b), (c) or (ca), that is varied with effect from a date on or after 1 January 2032; and
(b)
on or after the date on which the variation takes effect.
Common questions
- What is Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024?
- Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S769-2024 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 still in force?
- Yes — Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 is currently in force.
- When did Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 take effect?
- Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 was first recorded in 1947.
- How many regulations does Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 have?
- Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 contains 3 regulations.
- Where can I read the official version of Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024?
- The official text of Income Tax (Payment by Bank in Singapore to Bank outside Singapore — Section 13(4) Exemption) Notification 2024 is published at sso.agc.gov.sg.