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12% tax payable on qualifying income of financial sector incentive (trustee companies) company derived between 1 April 2016 and 30 June 2021

Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005

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—(1) Subject to paragraph (2), tax is payable at the rate of 12% on the income of a financial sector incentive (trustee companies) company derived during the period between 1 April 2016 and 30 June 2021 (both dates inclusive) from providing any of the following services:(a)trustee or custodian services in the company’s capacity as a trustee of a relevant foreign trust, or as a trustee of a philanthropic purpose trust in respect of a foreign account;(b)trustee or custodian services for or on behalf of any unit trust —(i)which is also a trust fund that is a foreign investor; and(ii)the funds of which are invested in designated investments;(c)trustee or custodian services in respect of foreign bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments;(d)custodian services for or on behalf of any foreign mutual fund corporation, where the funds of the foreign mutual fund corporation are invested in designated investments;(e)trust management or administration services provided to a trustee of a relevant foreign trust, to any eligible holding company of a relevant foreign trust, or to a trustee of a philanthropic purpose trust in respect of a foreign account;(f)trustee services in respect of the issue of units of —(i)a foreign collective investment scheme; or(ii)a foreign business trust,where the proceeds of the issue of the units are used outside Singapore;(g)custodian services in respect of —(i)any qualifying debt securities;(ii)any foreign debt securities;(iii)any foreign equity securities;(iv)any units in a foreign collective investment scheme; or(v)any units in a foreign business trust.(2) Paragraph (1) does not apply to any payment for the services mentioned in paragraph (1)(a) to (f), that is borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore (excluding, in the case of services mentioned in sub‑paragraph (a), (b), (e) or (f) of paragraph (1), payment by a trustee of the trust mentioned in that sub‑paragraph where the trustee is incorporated, resident or registered in Singapore).

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