Regulation 1
Citation and commencement
This Notification is the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 and is deemed to have come into operation on 20 February 2018.
/akn/sg/act/sub_leg/1947/ITA-S801-2018
Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 4
Quick answer
About this subsidiary legislation
Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S801-2018 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 555/2020 wef 19/02/2020S 325/2024 wef 31/12/2021S 555/2020 wef 19/02/2020S 555/2020 wef 19/02/2020S 555/2020 wef 19/02/2020
In this Notification —[Deleted by S 555/2020 wef 19/02/2020]“approved clearing house”, “approved exchange”, “derivatives contract”, and “member” in relation to an approved clearing house or an approved exchange, have the meanings given by section 2(1) of the Securities and Futures Act 2001;“specified contract”, in relation to paragraph 3, means any of the following:
(a)
a contract for trading in gold futures on an approved exchange;
(b)
a contract for trading in financial futures on an approved exchange; (c)a contract for trading in spot foreign exchange (other than a contract that involves the Singapore dollar) on an approved exchange;“specified contract”, in relation to paragraph 4, means any of the following:
(a)
a contract for trading in gold futures on an approved exchange;
(b)
a contract for trading in financial futures on an approved exchange;
(c)
a contract for trading in spot foreign exchange (other than a contract that involves the Singapore dollar) on an approved exchange;
(d)
any other derivatives contract that is traded on an approved exchange;
(e)
any derivatives contract that is cleared or settled by an approved clearing house.
Definition
“approved clearing house”, “approved exchange”, “derivatives contract”, and “member” in relation to an approved clearing house or an approved exchange, have the meanings given by section 2(1) of the Securities and Futures Act 2001;
Amended byS 555/2020 wef 19/02/2020S 325/2024 wef 31/12/2021
Definition
“specified contract”, in relation to paragraph 3, means any of the following:
(a)
a contract for trading in gold futures on an approved exchange;
(b)
a contract for trading in financial futures on an approved exchange; (c)a contract for trading in spot foreign exchange (other than a contract that involves the Singapore dollar) on an approved exchange;
Amended byS 555/2020 wef 19/02/2020S 555/2020 wef 19/02/2020
Definition
“specified contract”, in relation to paragraph 4, means any of the following:
(a)
a contract for trading in gold futures on an approved exchange;
(b)
a contract for trading in financial futures on an approved exchange;
(c)
a contract for trading in spot foreign exchange (other than a contract that involves the Singapore dollar) on an approved exchange;
(d)
any other derivatives contract that is traded on an approved exchange;
(e)
any derivatives contract that is cleared or settled by an approved clearing house.
Amended byS 555/2020 wef 19/02/2020
Regulation 3
Exemption for interest payment under specified contract effective before 20 February 2018 or on date between 20 February 2018 and 18 February 2020
Amended byS 555/2020 wef 19/02/2020S 325/2024 wef 01/01/2023S 555/2020 wef 19/02/2020S 555/2020 wef 19/02/2020S 325/2024 wef 04/11/2022S 325/2024 wef 04/11/2022S 555/2020 wef 19/02/2020
Subregulation 1
Amended byS 555/2020 wef 19/02/2020S 325/2024 wef 01/01/2023S 555/2020 wef 19/02/2020S 555/2020 wef 19/02/2020
This paragraph applies to any interest payment —
(a)
made by a member of an approved exchange to a person who is not resident in Singapore;
(b)
that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
(c)
that is a margin deposit interest payment required to be made —
(i)
under —
(A)
a specified contract that took effect on a date before 20 February 2018; or
(B)
a specified contract that was extended or renewed, and the extension or renewal took effect on a date before 20 February 2018,where the payment is made on a date that falls within the period from 20 February 2018 to 31 December 2026 (both dates inclusive);
(ii)
under a specified contract that takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); or
(iii)
under a specified contract that is extended or renewed, where —
(A)
the extension or renewal takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); and
(B)
the payment is made on or after the date on which such extension or renewal takes effect.
Subregulation 1A
Amended byS 325/2024 wef 04/11/2022
However, this paragraph does not apply to a margin deposit interest payment required to be made —
(a)
under a specified contract mentioned in sub‑paragraph (1)(c)(ii) or (iii) that is varied with effect from a date on or after 4 November 2022; and
(b)
on or after the date on which the variation takes effect.
Subregulation 2
Amended byS 325/2024 wef 04/11/2022S 555/2020 wef 19/02/2020
Any payment to which this paragraph applies is exempt from tax.
Regulation 4
Exemption for interest payment under specified contract effective on date between 19 February 2020 and 31 December 2026 or varied on a date between 4 November 2022 and 31 December 2026
Amended byS 325/2024 wef 04/11/2022S 325/2024 wef 01/01/2023S 325/2024 wef 04/11/2022S 325/2024 wef 04/11/2022S 325/2024 wef 15/04/2024S 555/2020 wef 19/02/2020S 325/2024 wef 04/11/2022S 325/2024 wef 01/01/2023S 325/2024 wef 15/04/2024
Subregulation 1
Amended byS 325/2024 wef 04/11/2022S 325/2024 wef 01/01/2023S 325/2024 wef 04/11/2022S 325/2024 wef 04/11/2022
This paragraph applies to any interest payment —
(a)
made by an approved exchange, an approved clearing house, a member of an approved exchange or a member of an approved clearing house, to a person who is not resident in Singapore;
(b)
that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
(c)
that is a margin deposit interest payment required to be made —
(i)
under a specified contract that takes effect on a date that falls within the period from 19 February 2020 to 31 December 2026 (both dates inclusive); (ii)under a specified contract that is extended or renewed, where —
(A)
the extension or renewal takes effect on a date that falls within the period mentioned in sub‑paragraph (i); and
(B)
the payment is made on or after the date on which the extension or renewal takes effect; or
(iii)
under a specified contract that is varied, where —
(A)
the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and
(B)
the payment is made on or after the date on which the variation takes effect.
Subregulation 1A
Amended byS 325/2024 wef 15/04/2024
However, this paragraph does not apply to a margin deposit interest payment required to be made —
(a)
under a specified contract mentioned in sub‑paragraph (1)(c) that is varied with effect from a date on or after 1 January 2027; and
(b)
on or after the date on which the variation takes effect.
Subregulation 2
Amended byS 555/2020 wef 19/02/2020S 325/2024 wef 04/11/2022S 325/2024 wef 01/01/2023S 325/2024 wef 15/04/2024
A payment to which this paragraph applies is exempt from tax.
Common questions
- What is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S801-2018 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 still in force?
- Yes — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 is currently in force.
- When did Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 take effect?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 have?
- Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 contains 4 regulations.
- Where can I read the official version of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018?
- The official text of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018 is published at sso.agc.gov.sg.