Singapore legislation
Clause 140
Clause 140
Estate duty and tax exemptions
(1)
No estate duty shall be payable in respect of any amount of any bequest to the Board or to the Society and the value of the property passing on the death of a deceased donor shall be deemed not to include the amount of any such bequest for the purpose of assessing the rate of estate duty.
(2)
The Board and the Society shall each be deemed to be —
(a)
an institution specified in the First Schedule to, and under paragraph (e) of subsection (1) of section 13 of, the Income Tax Ordinance (Cap. 166); and (b)an institution of a public character approved by the Minister for the purposes of paragraph (c) of subsection (2) of section 37 of the Income Tax Ordinance.