Singapore legislation
Clause 18
Clause 18
Amendment of section 35
Section 35 of the principal Act is amended by inserting, immediately after subsection (7), the following subsections:“(7A) The following income shall not form part of the statutory income of any designated unit trust for any year of assessment:
gains or profits derived from Singapore or elsewhere from the disposal of securities;
interest (other than interest for which tax has been deducted under section 45); and
dividends derived from outside Singapore and received in Singapore.(7B) No deduction under section 14 shall be allowed in respect of any outgoings and expenses (including any expenses arising from the management of investments) incurred by any designated unit trust against any income derived by the unit trust from —
dividends paid by any company resident in Singapore; and
interest for which tax has been deducted under section 45.(7C) In subsections (7A) and (7B) —“designated” means designated by the Minister or such person as he may appoint;“securities” has the same meaning as in section 10A;“unit” and “unit trust” have the same meanings as in section 10B.”.