On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 01/01/2012.
11.
—(1) Where a designated IPC fund of a registered grant-making philanthropic organisation is an endowment fund, the registered grant-making philanthropic organisation shall, subject to paragraph (3), comply with the following additional requirements:
(a)
it shall set up a separate designated IPC fund for any tax deductible donation received after the date on which any existing designated IPC fund is set up;
(b)
subject to these Regulations, it shall only issue tax deduction receipts for donations intended for that designated IPC fund;
(c)
instead of the full disbursement within 5 years under regulation 4(b)(iii), it shall fully disburse all the tax deductible donations received within 25 years from the date that the designated IPC fund is set up, in accordance with the following conditions until full disbursement:
(i)
in respect of all tax deductible donations received on the date that the designated IPC fund is set up, partial disbursements must be made annually with the total disbursements over each 5-year period (beginning from the date the designated IPC fund is set up) being no less than 20% of the total amount of tax deductible donation standing as at the date the designated IPC fund is set up; and
(ii)
in respect of any additional tax deductible donation received after the designated IPC fund is set up, partial disbursements of the additional donation must be made annually with the total disbursements over each 5-year period referred to in sub-paragraph (i) (from the period it is received) being no less than 20% of such additional donation; and
(d)
it shall submit, at the end of every 5-year period referred to in sub-paragraph (c), to the Comptroller a declaration that the conditions in that sub-paragraph are satisfied.
(2) When paragraph (1) applies, the registered grant-making philanthropic organisation shall keep and retain in safe custody all records and accounts for a period of 27 years from the year of assessment relating to the year in which a donation was first received by the organisation, or where the total amount of the donation is fully disbursed before the end of 25 years from the year of assessment relating to the year in which a donation was first received by the organisation, for a period equal to
where A | is the number of years from the year of assessment relating to the year in which a donation was first received by the organisation, to the year of assessment relating to the year in which the donation is fully disbursed by the organisation (both years of assessment inclusive). |
(3) The Minister may vary the requirements in paragraphs (1)(a) and (c) and (2) on the application of a registered grant-making philanthropic organisation, subject to any conditions that he may impose.
(4) A registered grant-making philanthropic organisation which fails to comply with paragraph (1)(b) and (c) shall be liable to pay to the Comptroller a financial penalty under section 37(18B) of the Act.