Income Tax (Concessionary Rate of Tax for Approved Fund Managers) (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2003

No. S 641

Income Tax Act

(Chapter 134)

Income Tax (Concessionary Rate of Tax for Approved Fund Managers) (Amendment) Regulations 2003

In exercise of the powers conferred by section 43A of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) (Amendment) Regulations 2003 and shall be deemed to have come into operation on 3rd May 2002.

Amendment of regulation 3

2. Regulation 3 of the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations (Rg 7) is amended —

(a)

by deleting the definitions of “approved securities company” and “designated investments” and substituting the following definition:

“ “designated investments” has the same meaning as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003);”; and

(b)

by inserting, immediately after the definition of “designated securities”, the following definition:

“ “Equity Capital Market Intermediary” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003);”.

Deletion and substitution of regulation 4

3. Regulation 4 of the Income Tax (Concessionary Rate of Tax for Approved Fund Mangers) Regulations is deleted and the following regulation substituted therefor:

“Concessionary rate of tax

4.—(1) Subject to regulations 5, 6 and 7, tax shall be payable by a Fund Manager approved under section 43A of the Act at the rate of 10% on its fees and commissions derived on or after 3rd May 2002 from —

(a)	managing the funds of a foreign investor for the purpose of any designated investments;
(b)	providing investment advisory services to a foreign investor in relation to any designated investments; and
(c)	arranging on behalf of foreign investors any loan of designated securities under a securities lending arrangement in writing to an Equity Capital Market Intermediary approved for securities trading or securities lending activities.

(2) For the purpose of paragraph (1), where the Fund Manager was approved prior to 2nd July 2002 under section 43A of the Act, the Fund Manager shall be deemed to be approved for the period up to the end of the basis period for the year of assessment 2007.”.

Made this 29th day of December 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.04 Vol. 16; AG/LEG/SL/134/2002/5 Vol. 1]

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