No. S 387
Income Tax Act
Income Tax (Central Fund Administrators) (Amendment) Regulations 2006
1. These Regulations may be cited as the Income Tax (Central Fund Administrators) (Amendment) Regulations 2006 and shall come into operation on 1st July 2006.
2. Regulation 3 of the Income Tax (Central Fund Administrators) Regulations 2004 (G.N. No. S 40/2004) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraph (2) and substituting the following paragraphs:
“(2) A Central Fund Administrator which receives an application which complies with paragraph (1), whether such application is received before, on or after 1st July 2006, shall consider the application and may, in his discretion, approve the application where the applicant satisfies the conditions set out in regulation 4.
(2A) Any approval under paragraph (2) of an institution of a public character shall be valid for such period not exceeding 2 years as may be specified in the approval.”.
3. Regulation 4 of the principal Regulations is amended by deleting the words “for a period not exceeding 5 years,” in paragraph (1).
4. Regulation 7 of the principal Regulations is deleted and the following regulation substituted therefor:
“Power to inspect donation records of related approved institutions of a public character and to appoint auditors
—(1) A Central Fund Administrator shall at all times have full and free access to any of the donation records referred to in regulation 6(b) and may, without fee or reward, inspect, copy or make extracts from any such records.
(2) A Central Fund Administrator may appoint any other person to audit or review the management of any related approved institution of a public character.”.
5. Regulation 9 of the principal Regulations is amended —
by inserting, immediately after the words “extension of approval,” in paragraph (1), the words “where such application is made in accordance with regulation 12 of the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004), and whether such application is received before, on or after 1st July 2006,”;
by deleting the words “not exceeding 5 years” in paragraph (1) and substituting the words “not less than one year and not exceeding 5 years”;
by deleting the word “and” at the end of paragraph (1)(c); and
by deleting sub-paragraph (d) of paragraph (1) and substituting the following sub-paragraphs:
whether the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004) have been satisfied during the relevant period of approval;
whether there is or has been any mismanagement, misconduct, incompetence or negligence in the administration of the approved institution of a public character; and
whether any new condition that the Central Fund Administrator may impose can be satisfied.”.
6. The principal Regulations are amended by inserting, immediately after regulation 9, the following regulation:
[G.N. No. S 571/2004]
[MF R32.9.2829 V2; AG/LEG/SL/134/2005/21 Vol. 1]