Singapore legislation

Regulation 4

of Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007

Regulation 4

Exemption

Subregulation 1

Subject to paragraph (2) and regulation 5, there shall be exempt from tax —

(a)

specified income from designated investments made —

(i)

by a trustee company administering a philanthropic purpose trust, using any funds or assets in any foreign account of that trust; and

(ii)

by an eligible holding company established for the purposes of the philanthropic purpose trust, using any funds or assets of the company held for the foreign account of that trust; and

(b)

dividends payable or paid by the eligible holding company to the trustee company out of the income referred to in sub-paragraph (a)(ii).

Subregulation 2

The trustee company shall submit an annual declaration to the Comptroller, in such form and within such time as the Comptroller or the Monetary Authority of Singapore may specify, that the philanthropic purpose trust or the eligible holding company (as the case may be) has, or both the philanthropic purpose trust and the eligible holding company have, met the conditions in these Regulations.

Read in full context — Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007 →