On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 01/01/2008.
13O.
—(1) There shall be exempt from tax such income derived from —
(a)
any funds or assets in any foreign account of a philanthropic purpose trust constituted on or after 18th February 2005 and administered by a trustee company in Singapore; and
(b)
any funds or assets of an eligible holding company established for the purposes of that philanthropic purpose trust which are held for the foreign account of that trust,
as the Minister may by regulations prescribe.
[34/2005]
(2) Regulations made under subsection (1) may provide for the deduction of expenses, allowances, losses and donations relating to a foreign account of a philanthropic purpose trust or an eligible holding company established for the purposes of a philanthropic purpose trust, otherwise than in accordance with this Act.
[7/2007]
(3) In this section —
“eligible holding company” means a company —
(a)
which is incorporated outside Singapore;
(b)
which is set up to hold assets of a philanthropic purpose trust administered by a trustee company;
(c)
whose operations consist solely of trading or making investments for the purpose of the philanthropic purpose trust;
(d)
which does not claim any relief under any arrangement made under section 49 or any tax credit under section 50A; and
(e)
all the shares of which are held by the trustees of the philanthropic purpose trust or by their nominee;
“foreign account”, in relation to a philanthropic purpose trust, means an account into which funds or assets are injected solely by settlors who or which are —
(a)
individuals that are neither citizens of Singapore nor resident in Singapore, unless the Minister otherwise by regulations prescribes;
(b)
companies each of which —
(i)
is neither incorporated nor resident in Singapore;
(ii)
does not have a permanent establishment in Singapore other than a trustee company referred to in subsection (1)(a);
(iii)
does not carry on a business in Singapore;
(iv)
does not beneficially own more than 20% of the total number of the issued shares of any company incorporated in Singapore;
(v)
does not have 20% or more of the total number of its issued shares beneficially owned, directly or indirectly, by a company which —
(A)
has a permanent establishment in Singapore other than a trustee company referred to in subsection (1)(a);
(B)
carries on a business in Singapore; or
(C)
beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore; and
(vi)
has —
(A)
if it has no more than 50 shareholders, all of its issued shares beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore; or
(B)
if it has more than 50 shareholders, not less than 95% of the total number of its issued shares beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore;
(c)
foreign trusts;
(d)
other philanthropic purpose trusts that inject funds or assets from their foreign accounts; or
(e)
any other persons that are neither —
(i)
resident in Singapore; nor
(ii)
constituted or registered under any written law in Singapore;
“foreign trust” has the same meaning as in section 13G;
“philanthropic purpose trust” means a trust established in writing under any law for a purpose which is for the public benefit and which falls within any of the following descriptions of purposes:
(a)
the prevention or relief of poverty;
(b)
the advancement of education;
(c)
the advancement of religion;
(d)
the advancement of health;
(e)
the advancement of citizenship or community development;
(f)
the advancement of the arts, heritage or science;
(g)
the advancement of environmental protection or improvement;
(h)
the relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;
(i)
the advancement of animal welfare;
(j)
the advancement of any sport which involves physical skill and exertion;
(k)
any other purpose beneficial to the community;
“trustee company” has the same meaning as in section 43J(2).
[34/2005; 7/2007]
(4) The Minister or such person as he may appoint may in any particular case waive any requirement referred to in paragraph (b)(ii) to (v) of the definition of “foreign account” in subsection (3).
[7/2007]