Income Tax (Income from Funds Managed for Foreign Investors) (Amendment) Regulations 1996

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Published in Subsidiary Legislation Supplement
on 26 Apr 1996

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No. S 178

Income Tax Act

(Chapter 134)

Income Tax (Income from Funds Managed for Foreign Investors) (Amendment) Regulations 1996

In exercise of the powers conferred by section 13C of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

1. These Regulations may be cited as the Income Tax (Income from Funds Managed for Foreign Investors) (Amendment) Regulations 1996 and shall have effect for the year of assessment 1995 and subsequent years of assessment.

2. Regulation 2 of the Income Tax (Income from Funds Managed for Foreign Investors) Regulations is amended by deleting paragraphs (b) and (c) of the definition of “foreign investor” and substituting the following paragraphs:

“(b)

in relation to a company, means a company not resident in Singapore and in the case of —

(i)	a company with not more than 50 shareholders, the whole of its issued capital (excluding the amount owned directly by the Government of Singapore Investment Corporation Pte Ltd (referred to in these Regulations as GIC)) is beneficially owned, directly or indirectly, by persons who are not citizens of Singapore and not resident in Singapore; and
(ii)	a company with more than 50 shareholders, not more than 20% (excluding the percentage owned directly by GIC) of its issued capital is beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; and

(c)

in relation to a trust fund, means a trust fund where not more than 20% (excluding the percentage held directly by GIC) of the value of the fund is beneficially held, directly or indirectly, by persons who are not foreign investors referred to in paragraph (a) or (b) and, unless waived by the Minister or such other person as he may appoint, where —

(i)	the fund is created outside Singapore; and
(ii)	the trustees of the fund are neither citizens of Singapore nor resident in Singapore;”.

[Rg 8.]

[G.N. Nos.]

[S 501/93]

[S 57/95]

3. Regulation 4(2) of the Income Tax (Income from Funds Managed for Foreign Investors) Regulations is amended by deleting “95%” in the second line of sub-paragraph (b) and substituting “80%”.

Made this 18th day of April 1996.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.19.04 Vol. 13; AG/SL/10/95/1]