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Concessionary rate of tax for provision of processing services to financial institutions

Income Tax Act 1947

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—(1) Despite section 43, the Minister may by regulations provide that tax at the rate of 5% is to be levied and paid for each year of assessment upon such income as the Minister may specify of an approved company derived by it on or after 27 February 2004 from the provision of prescribed processing services in Singapore to any financial institution or another approved company; and those regulations may provide for the deduction of losses of an approved company otherwise than in accordance with section 37(3).(2) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or appointed person may impose, approve a company as an approved company for the purposes of this section.(3) No approval under this section may be granted to any company on or after 27 February 2009.(4) In this section, “financial institution” means —(a)any institution in Singapore that is licensed or approved by the Monetary Authority of Singapore, or exempted from such licensing or approval, under any written law administered by the Monetary Authority of Singapore; or(b)any institution outside Singapore that is licensed or approved, or exempted from such licensing or approval, by its financial supervisory authority for the carrying on of financial activities.[43R

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