No. S 349
Income Tax Act
(Chapter 134)
Income Tax (Concessionary Rate of Tax for Approved Trustee Companies) (Amendment) Regulations 2003
In exercise of the powers conferred by section 43J 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 Trustee Companies) (Amendment) Regulations 2003 and shall have effect for the year of assessment 2003 and subsequent years of assessment.
Amendment of regulation 2
2.  Regulation 2 of the Income Tax (Concessionary Rate of Tax for Approved Trustee Companies) Regulations (Rg 21) is amended —
(a)by inserting, immediately after the definition of “approved trustee company”, the following definition:
“ “designated persons” has the same meaning as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations (Rg 8);”; and
(b)by inserting, immediately after the definition of “foreign bond or loan stock issues”, the following definitions:
“ ““foreign mutual fund corporation” means a mutual fund corporation where not more than 20% (excluding the total percentage held directly by designated persons) of the value of its shares is beneficially held, directly or indirectly, by persons who are not foreign investors referred to in paragraph (a) or (b) of the definition of "foreign investor"” in regulation 2 of the Income Tax (Income from Funds Managed for Foreign Investors) Regulations (Rg 8);
“mutual fund corporation” means a collective investment scheme or closed-end fund as defined in section 2 of the Securities and Futures Act (Cap. 289) that is constituted as a corporation;
“relevant foreign trust” means a foreign trust as defined in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24), other than a unit trust referred to in paragraph (1)(b) of that regulation;”.
Amendment of regulation 3
3.  Regulation 3 of the Income Tax (Concessionary Rate of Tax for Approved Trustee Companies) Regulations is amended —
(a)by deleting paragraph (a) and substituting the following paragraph:
(a)any trustee or custodian services in its capacity as a trustee of a relevant foreign trust;”;
(b)by deleting the word “and” at the end of paragraph (c); and
(c)by deleting the full-stop at the end of paragraph (d) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:
(e)any custodian services for or on behalf of any foreign mutual fund corporation, where the funds of the foreign mutual fund corporation are invested in designated investments within the meaning of the Income Tax (Income from Funds Managed for Foreign Investors) Regulations; and
(f)any trust management or administration services provided to any trustee of a relevant foreign trust.”.

Made this 21st day of July 2003.

LIM SIONG GUAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[R32.19.0005 Vol. 10; AG/LEG/SL/134/2002/8 Vol. 1]