The MAS issues a circular on the tax incentive scheme for the offshore insurance broking business
May 2008
The Monetary Authority of Singapore (MAS) issued a circular on 8 April 2008 on the new 10% concessionary tax rate for insurance and reinsurance brokers announced during the 2008 Budget Speech. Details of the incentive are summarised below.
| Qualifying income & activities | Commission and fee income from the provision of insurance broking and advisory services in Singapore to persons who do not have a permanent establishment or carry on a business in Singapore, or who carry on business through a permanent establishment in Singapore but do not use the funds from those operations to finance the advisory service fees or insurance premiums, broking and other fees. |
| Qualifying brokers | Existing and new brokers registered under the Insurance Act who are:
Other criteria that will be considered include incremental professional headcount and business plan. |
| Duration | 10 years |
| Application window | 1 April 2008 to 31 March 2013 |
| Administration | An annual review form is to be submitted to the Financial Development Department of MAS within four months of its financial year-end. |
For further details, please call your usual PricewaterhouseCoopers contact.
