Singapore legislation

Regulation 5

of Income Tax (Exemption of Income of Foreign Trusts) Regulations

Regulation 5

Regulations not applicable to certain foreign trusts

Amended byS 590/2005 wef Y/A 2004 & Sub Ys/AS 150/2020 wef 09/03/2020S 95/2006 wef 30/01/2006S 95/2006 wef 30/01/2006S 928/2022 wef 06/12/2022

These Regulations shall not apply to a foreign trust where any settlor or beneficiary or unit holder (as the case may be) of the foreign trust is a company which —

(a)

has a permanent establishment in Singapore other than a trustee company;

(b)

either —

(i)

in the case of any year of assessment before the year of assessment 2021 — carries on a business in Singapore in the basis period; or

(ii)

in the case of the year of assessment 2021 or a subsequent year of assessment — carries on a business in Singapore or outside Singapore in the basis period;

(c)

beneficially owns more than 20% of the total number of issued shares of any company incorporated in Singapore; or

(d)

has 20% or more of the total number of its issued shares beneficially owned, directly or indirectly, by a company which falls within paragraph (a), (b) or (c),unless approval is granted by the Minister or an authorised body.

Read in full context — Income Tax (Exemption of Income of Foreign Trusts) Regulations →