Comparison View

Formal Consolidation |  2014 RevEd
Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
13C.—(1)  There shall be exempt from tax such income as the Minister may by regulations prescribe of the trustee of any prescribed trust fund arising from funds managed in Singapore by any fund manager.
[53/2007; 22/2011]
(2)  The Minister may by regulations —
(a)make such transitional and savings provisions as he may consider necessary or expedient in relation to the repeal of section 13C in force immediately before 1st September 2007;
(b)provide for the determination of the amount of income of the trustee of any prescribed trust fund to be exempt from tax; and
(c)make provision generally for giving full effect to or for carrying out the purposes of this section.
[29/2010]
(3)  This section shall not apply to —
(a)a trustee of a trust fund that is constituted on or after 1st April 2014; or
(b)a trustee of a trust fund that —
(i)is constituted before 1st April 2014; and
(ii)is not a prescribed trust fund at any time before that date.
[27/2009]
Informal Consolidation | Amended Act 39 of 2017
Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
13C.—(1)  There shall be exempt from tax such income as the Minister may by regulations prescribe of the trustee of any prescribed trust fund arising from funds managed in Singapore by any fund manager.
[53/2007; 22/2011]
(2)  The Minister may by regulations —
(a)make such transitional and savings provisions as he may consider necessary or expedient in relation to the repeal of section 13C in force immediately before 1st September 2007;
(b)provide for the determination of the amount of income of the trustee of any prescribed trust fund to be exempt from tax; and
(c)make provision generally for giving full effect to or for carrying out the purposes of this section.
[29/2010]
(3)  This section shall not apply to —
(a)a trustee of a trust fund that is constituted on or after 1st April 2014; or
(b)a trustee of a trust fund that —
(i)is constituted before 1st April 2014; and
(ii)is not a prescribed trust fund at any time before that date.
[27/2009]
(4)  This section shall not apply to any income derived on or after 1st April 2014 except to the extent allowed by subsection (5).
[Act 37 of 2014 wef 01/04/2014]
(5)  This section continues to apply to income referred to in subsection (1) of a trustee of a trust fund that is derived on or after 1st April 2014 and before the end of the basis period of that trustee in which that date falls, if —
(a)the trustee has a basis period that ends on a date other than 31st March; and
(b)the trustee makes an election, at the time of lodgment of the return of income for the year of assessment 2015 or 2016 (as the case may be), or such later time as the Comptroller may allow, to apply this section to such income.
[Act 37 of 2014 wef 01/04/2014]