Clause 13

There shall be exempt from tax such income derived from —

any funds or assets in any foreign account of a philanthropic purpose trust constituted on or after 18th February 2005 and administered by a trustee company in Singapore; and

any funds or assets of an eligible holding company established for the purposes of that philanthropic purpose trust which are held for the foreign account of that trust,as the Minister may by regulations prescribe.(2) In this section —“eligible holding company” means a company —

which is incorporated outside Singapore;

which is set up to hold assets of a philanthropic purpose trust administered by a trustee company;

whose operations consist solely of trading or making investments for the purpose of the philanthropic purpose trust;

which does not claim any relief under any arrangement made under section 49 or any tax credit under section 50A; and

all the shares of which are held by the trustees of the philanthropic purpose trust or by their nominee;“foreign account”, in relation to a philanthropic purpose trust, means an account into which funds or assets are injected solely by settlors who or which are —

individuals that are neither citizens of Singapore nor resident in Singapore, unless the Minister otherwise by regulations prescribes;

companies that are neither incorporated nor resident in Singapore and —

where the company has not more than 50 shareholders, all of the issued shares of the company are beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore; or

where the company has more than 50 shareholders, not less than 95% of the total number of the issued shares of the company are beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore;

foreign trusts;

other philanthropic purpose trusts that inject funds or assets from their foreign accounts; or

any other persons that are neither —

resident in Singapore; nor(ii)constituted or registered under any written laws in Singapore;“foreign trust” has the same meaning as in section 13G;“philanthropic purpose trust” means a trust established in writing under any law for a purpose which is for the public benefit and which falls within any of the following descriptions of purposes: (a)the prevention or relief of poverty;

the advancement of education;

the advancement of religion;

the advancement of health;

the advancement of citizenship or community development;

the advancement of the arts, heritage or science;

the advancement of environmental protection or improvement;

the relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;

the advancement of animal welfare;

the advancement of any sport which involves physical skill and exertion;

any other purpose beneficial to the community;“trustee company” has the same meaning as in section 43J(2).Exemption of income derived from asset securitisation transaction13P.—

There shall be exempt from tax, subject to such conditions as may be prescribed by regulations, income derived by an approved securitisation company resident in Singapore from asset securitisation transaction entered into during the period from 27th February 2004 to 31st December 2008 (both dates inclusive).(2) Regulations made under subsection (1) may provide for the deduction of expenses, allowances, losses and donations of an approved securitisation company otherwise than in accordance with this Act.(3) Notwithstanding anything in this section, where it appears to the Comptroller that any income of an approved securitisation company which has been exempted from tax under subsection (1) ought not to have been so exempted for any year of assessment, the Comptroller may, at any time within 6 years after the expiration of that year of assessment, make such assessment or additional assessment on the company as may appear to be necessary in order to make good any loss of tax.(4) In this section —“approved securitisation company” means a company incorporated in Singapore principally to conduct asset securitisation transaction and is approved by the Minister or such person as he may appoint;“asset securitisation transaction” means the acquisition of assets (other than immovable property in Singapore) or risks by an approved securitisation company where the acquisition of such assets or risks is funded through the issuance of asset-backed securities by the company.”.