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Computation of income of financial sector incentive (standard tier) company derived on or after 1st January 2011 from managing funds of certain foreign investors and approved companies

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

Match the official source exactly.

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) In respect of services provided to a foreign investor under sub-paragraph (m), (r) or (y) of Part 1 of the Fourth Schedule or sub‑paragraph (n), (s) or (z) of the Fifth Schedule, where the foreign investor is —(a)a company referred to in paragraph (b)(i) of the definition of “foreign investor” in regulation 2(1) where —(i)a designated person is a shareholder of the company; and (ii)more than 20% of the total number of the issued shares in the company are beneficially owned, directly or indirectly —(A)by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of that definition; and(B)by designated persons;(b)a company referred to in paragraph (b)(ii) of the definition of “foreign investor” in regulation 2(1) where —(i)a designated person is a shareholder of the company; and (ii)more than 20% of the total value of the issued securities of the company are beneficially owned, directly or indirectly —(A)by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of that definition; and(B)by designated persons; or(c)a trust fund referred to in paragraph (c) of the definition of “foreign investor” in regulation 2(1) where —(i)a designated person is a beneficiary of the fund; and (ii)more than 20% of the value of the fund is beneficially held, directly or indirectly —(A)by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of that definition; and(B)by designated persons,the amount of fees and commissions which is chargeable with tax at the concessionary rate of 12% shall be computed in accordance with the formulawhere Ais the number of issued shares of the company referred to in sub-paragraph (a), the value of issued securities of the company referred to in sub-paragraph (b) or the value of the trust fund referred to in sub-paragraph (c), as the case may be, which are not beneficially owned or held, directly or indirectly, by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of the definition of “foreign investor” in regulation 2(1) or by designated persons;Bis the total number of issued shares of the company referred to in sub-paragraph (a), the total value of issued securities of the company referred to in sub-paragraph (b) or the total value of the trust fund referred to in sub-paragraph (c), as the case may be; andCis the amount of fees and commissions derived from the provision of the services referred to in sub-paragraph (m), (r) or (y) of Part 1 of the Fourth Schedule or sub‑paragraph (n), (s) or (z) of the Fifth Schedule, as the case may be, to the foreign investor.(2) In respect of services provided to a trustee of a prescribed trust fund under sub-paragraph (p), (s), (w) or (z) of Part 1 of the Fourth Schedule or sub‑paragraph (q), (t), (x) or (za) of the Fifth Schedule, where —(a)any designated person is a beneficiary of that trust fund; and (b)more than 20% of the total value of that trust fund is beneficially held, directly or indirectly —(i)by persons who are citizens of Singapore or resident in Singapore; and(ii)by designated persons,the amount of fees and commissions which is chargeable with tax at the concessionary rate of 12% shall be computed in accordance with the formulawhere Dis the value of the trust fund which is not beneficially held, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore or by designated persons;Eis the total value of the trust fund; andFis the amount of fees and commissions derived from the provision of the services referred to in sub-paragraph (p), (s), (w) or (z) of Part 1 of the Fourth Schedule or sub‑paragraph (q), (t), (x) or (za) of the Fifth Schedule, as the case may be, to the trustee of the trust fund.

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