Singapore legislation
Clause 11
Clause 11
New section 43J
The principal Act is amended by inserting, immediately after section 43I, the following section:“Concessionary rate of tax for trustee company43J.—
Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved trustee company derived by it from such services as may be prescribed; and those regulations may provide for exemption from tax of any such income and for the deduction of losses otherwise than in accordance with section 37(2).(2) For the purposes of this section —“approved” means approved by the Minister or such other person as he may appoint;“trustee company” means —
a company registered as a trust company under the Trust Companies Act (Cap. 336); or
a non-resident company incorporated outside Singapore having a branch in Singapore which provides services as a trustee or custodian.”.