Singapore legislation
Regulation 7
of Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007
Regulation 7
Additional assessment on income of philanthropic purpose trust or eligible holding company in certain circumstances
Subregulation 1
Where a foreign account of a philanthropic purpose trust ceases to be a foreign account for failing to satisfy regulation 3(b), the Comptroller may assess the trustee company administering the philanthropic purpose trust or the eligible holding company established for the purposes of the philanthropic purpose trust, as the case may be, under section 74 of the Act on any income of the philanthropic purpose trust or the eligible holding company that was exempted from tax under these Regulations.
Subregulation 2
Any amount or additional amount assessed by the Comptroller under paragraph (1) shall only be paid out of the funds of the philanthropic purpose trust or the eligible holding company, as the case may be.