Income Tax Act 1947 · 2020 Revised Edition · Part 4 · Exemption from Income Tax
13C. Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
Feedback & supportLast amended by an amending law of 2014.
There is exempt from tax such income as the Minister may by regulations prescribe of the trustee of any prescribed trust fund arising from funds managed in Singapore by any fund manager.
The Minister may by regulations —
make such transitional and saving provisions as the Minister may consider necessary or expedient in relation to the repeal of section 13C in force immediately before 1 September 2007;
provide for the determination of the amount of income of the trustee of any prescribed trust fund to be exempt from tax; and
make provision generally for giving full effect to or for carrying out the purposes of this section.
This section does not apply to —
a trustee of a trust fund that is constituted on or after 1 April 2014; or
a trustee of a trust fund that —
is constituted before 1 April 2014; and
is not a prescribed trust fund at any time before that date.
This section does not apply to any income derived on or after 1 April 2014 except to the extent allowed by subsection (5).
This section continues to apply to income mentioned in subsection (1) of a trustee of a trust fund that is derived on or after 1 April 2014 and before the end of the basis period of that trustee in which that date falls, if —
the trustee has a basis period that ends on a date other than 31 March; and
the trustee makes an election, at the time of lodgment of the return of income for the year of assessment 2015 or 2016 (as the case may be), or such later time as the Comptroller may allow, to apply this section to such income.