§ 43R — Concessionary rate of tax for approved insurance brokers

43R.—(1) Despite section 43, the Minister may by regulations provide that tax at the rate specified in the first column of the following table, is to be levied and paid for each year of assessment upon such income as the Minister may specify that is derived on or after a prescribed date by an approved insurance broker set out opposite that rate in the second column of the table, from the provision of such direct insurance broking, reinsurance broking or advisory services relating to the insurance sector as may be prescribed:Tax rate

Approved insurance broker

10%

An approved insurance broker whose approval is granted between 1 April 2008 and 18 February 2025 (both dates inclusive)

10% or 15%

An approved insurance broker whose approval is granted between 19 February 2025 and 31 December 2028 (both dates inclusive)

[Act 25 of 2025 wef 01/01/2025]

(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).

(2A) Regulations made under subsection (1) to provide for tax at the rate of 15% to be levied and paid for each year of assessment upon income mentioned in that provision may be made to take effect from (and including) 1 January 2025.[Act 25 of 2025 wef 01/01/2025]

(3) The Minister or an authorised body may, subject to such conditions as the Minister or authorised body may impose, approve a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker, as an approved insurance broker for the purposes of this section.[32/2019]

[Act 41 of 2020 wef 06/12/2022]

(4) Approval may be granted under this section between 1 April 2008 and 31 December 2028 (both dates inclusive).[37/2014; 45/2018]

[Act 30 of 2023 wef 30/10/2023]

(5) In this section, “direct insurance broker”, “general reinsurance broker” and “life reinsurance broker” have the meanings given by section 2 of the Insurance Act 1966.[43ZC

[32/2019]

—(1) Despite section 43, the Minister may by regulations provide that tax at the rate specified in the first column of the following table, is to be levied and paid for each year of assessment upon such income as the Minister may specify that is derived on or after a prescribed date by an approved insurance broker set out opposite that rate in the second column of the table, from the provision of such direct insurance broking, reinsurance broking or advisory services relating to the insurance sector as may be prescribed:Tax rate

Approved insurance broker

10%

An approved insurance broker whose approval is granted between 1 April 2008 and 18 February 2025 (both dates inclusive)

10% or 15%

An approved insurance broker whose approval is granted between 19 February 2025 and 31 December 2028 (both dates inclusive)

[Act 25 of 2025 wef 01/01/2025]

(2) Regulations made under subsection (1) may provide for the deduction of losses otherwise than in accordance with section 37(3).

(2A) Regulations made under subsection (1) to provide for tax at the rate of 15% to be levied and paid for each year of assessment upon income mentioned in that provision may be made to take effect from (and including) 1 January 2025.[Act 25 of 2025 wef 01/01/2025]

(3) The Minister or an authorised body may, subject to such conditions as the Minister or authorised body may impose, approve a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker, as an approved insurance broker for the purposes of this section.[32/2019]

[Act 41 of 2020 wef 06/12/2022]

(4) Approval may be granted under this section between 1 April 2008 and 31 December 2028 (both dates inclusive).[37/2014; 45/2018]

[Act 30 of 2023 wef 30/10/2023]

(5) In this section, “direct insurance broker”, “general reinsurance broker” and “life reinsurance broker” have the meanings given by section 2 of the Insurance Act 1966.[43ZC

[32/2019]