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Exemption from tax of qualifying amount paid by trustee of prescribed trust fund referred to in section 13C of Act

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2012

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—(1) There shall be exempt from tax any qualifying amount liable to be paid by a trustee of a trust fund to a person who is not resident in Singapore and does not have a permanent establishment in Singapore, if the payment is liable to be made on or after 15th October 2010 and during either of the following basis periods:(a)a basis period where all of the following conditions are satisfied throughout that basis period:(i)the trust fund satisfies all the conditions in regulation 3(1) of the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 7/2010);(ii)the funds of the trust fund are managed in Singapore by a fund manager;(iii)the trustee of the trust fund (not being a trust fund referred to in regulation 3(2) of the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010) does not, in its capacity as such trustee —(A)have a permanent establishment in Singapore (other than due to its functions as such trustee, or the presence of a fund manager or any other person who acts on behalf of the trustee in carrying out its functions as such trustee); or(B)carry on any other business in Singapore,other than with the approval of the Minister or an authorised body,being the first time that all of those conditions are satisfied throughout a basis period;(b)a basis period immediately following another basis period, where all of those conditions are satisfied throughout that other basis period.(2) Sub-paragraph (1) shall not apply to a trustee of a trust fund referred to in section 13C(3) of the Act.

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