09 Jun '11, 1pm

IM$avvy Headlines: New tax rules for Islamic financial products #planning #investment

THE tax treatment of Islamic finance products will be brought into line with conventional products, said the deputy chairman of the Monetary Authority of Singapore, Mr Lim Hng Kiang, yesterday. This will be done by introducing new regulations, with the goal of encouraging the growth of syariah-compliant financial products in Singapore through offering banks greater clarity and certainty. The taxation of these products must adhere to Islamic principles, such as no alcohol- or gambling-related industries. To date, the tax treatment of each product has been determined on a case-by-case basis. Mr Lim, also Trade and Industry Minister, was speaking at the Second World Islamic Banking Conference Asia Summit at the Pan Pacific Hotel. 'The Ministry of Finance will provide additional clarification and detailed explanation of the income tax treatment on more prescribed Islamic finan...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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