Duty not payable for person not domiciled or resident in respect of certain property
12.—(1) Estate duty shall not be payable in respect of the following property in Singapore passing on the death of any person dying on or after 1st April 1982 who at the time of his death was neither domiciled nor resident in Singapore:
(a)
deposits and balances with Asian Currency Units of approved banks;
(b)
negotiable certificates of deposits issued by Asian Currency Units of approved banks;
(c)
Asian Dollar Bonds which have been approved by the Minister for exemption from estate duty;
(d)
bonds, stocks and securities issued by the Government which have been approved by the Minister for exemption from estate duty;
(e)
gold in whatever state or form deposited with approved banks;
(f)
deposits and balances in gold savings account with approved banks;
(g)
gold certificates issued by approved banks; and
(h)
deposits and balances with members of the Singapore International Monetary Exchange where such deposits and balances are in respect of transactions which qualify for the concessionary rate of tax under section 43D of the Income Tax Act [Cap. 134].
(2) For the purposes of this section —
(a)
“approved banks” means approved banks within the meaning of section 13 of the Income Tax Act; and
(b)
a deceased person shall be treated as resident in Singapore if during the period of 12 months ending on the date of his death he had —
(i)
resided in Singapore notwithstanding any temporary absences abroad; or