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 01/01/2008.
13G.
—(1) There shall be exempt from tax such income as the Minister may by regulations prescribe of such foreign trust or eligible holding company established for the purposes of such foreign trust as specified in those regulations and administered by a trustee company in Singapore.
[26/93; 37/2002; 21/2003]
(2) Where any income of a foreign trust is exempt from tax under regulations made under subsection (1) in any year of assessment, the share of such income to which any beneficiary under the trust is entitled to receive for that year of assessment shall also be exempt from tax if the beneficiary —
(a)
being an individual, is neither a citizen of Singapore nor resident in Singapore;
(b)
being a company, is neither incorporated nor resident in Singapore and where such a company —
(i)
has not more than 50 shareholders, all of its issued shares are beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore; or
(ii)
has more than 50 shareholders, not less than 95% of the total number of its issued shares are beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore;
(c)
being any other person, is neither resident in Singapore nor constituted or registered under any written law in Singapore; or
(d)
is a trustee of another foreign trust specified under subsection (1).
[37/2002; 34/2005; 7/2007]
(3) Where any income of a foreign trust is exempt from tax under regulations made under subsection (1) in any year of assessment, the share of such income that a foreign account of a philanthropic purpose trust is entitled to receive for that year of assessment shall also be exempt from tax.
[7/2007]
(4) Notwithstanding subsections (1) and (2), where it appears to the Comptroller that any income of a foreign trust or eligible holding company ought not to have been exempted under regulations made under subsection (1), the Comptroller may, subject to section 74, make such assessment or additional assessment upon the foreign trust or eligible holding company, as the case may be, as may appear to be necessary.
[37/2002]
(5) In this section —
“foreign account” and “philanthropic purpose trust” have the same meanings as in section 13O;
“trustee company” has the same meaning as in section 43J(2).
[7/2007]