Singapore legislation
Clause 3
Clause 3
New section 13C
The principal Act is amended by inserting, immediately after section 13B, the following section:“Exemption of income of nonresident arising from funds managed by Asian Currency Unit13C.—
(1)
There shall be exempt from tax such income as the Minister may by regulations prescribe of a person not resident in Singapore arising from funds managed by any Asian Currency Unit of a financial institution or other fund manager approved in either case by the Minister or such other person as he may appoint.(2) The Minister may apply any regulations made under subsection (1) to income derived after 1st May 1983.”.