Singapore legislation
Regulation 7
of Income Tax (Exemption of Income of Foreign Trusts) Regulations
Regulation 7
Additional assessment on income of foreign trust or eligible holding company in certain circumstances
Subregulation 1
Where a trust ceases to be a foreign trust for the purposes of these Regulations for failing to satisfy the condition referred to in paragraph (2)(a)(iii) or (b) of regulation 2A, the Comptroller may assess the trustee of the foreign trust or the eligible holding company established for the purposes of that foreign trust, as the case may be, under section 74 of the Act on any income of that foreign trust or 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 foreign trust or eligible holding company established for the purposes of that foreign trust.