Singapore legislation

Regulation 2

of Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010

Regulation 2

Definitions

Subregulation 1

In these Regulations —

Definition

“approved start-up fund manager” means a start-up fund manager approved under regulation 3(3);

Definition

“designated investments” and “specified income” have the same meanings as in the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010), with references to the “prescribed person” therein modified to refer to the “trustee of the prescribed trust fund”;

Definition

“designated person” has the same meaning as in the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010;

Definition

“issued securities” means —

(a)

issued debentures, stocks or shares;

(b)

any right, option or derivative in respect of any such debentures, stocks or shares;

(c)

any right under a contract for differences, or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations, in —

(i)

the value or price of any such debentures, stocks or shares;

(ii)

the value or price of any group of any such debentures, stocks or shares; or

(iii)

an index of any such debentures, stocks or shares,and includes derivatives of a buy-sell nature for funding purpose, but does not include —

(A)

futures contracts which are traded on a futures market;

(B)

bills of exchange;

(C)

promissory notes; or

(D)

certificates of deposit issued by a bank or finance company.

Subregulation 2

Any reference in these Regulations to the value of issued securities of a company is a reference to the value of those securities —

(a)

at the time of their issue by the company; or

(b)

in the case of derivatives of a buy-sell nature, at the time of their buy-sell transaction.

Read in full context — Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 →