Income Tax (Central Fund Administrators) (Amendment) Regulations 2006

No. S 387

Income Tax Act

(Chapter 134)

Income Tax (Central Fund Administrators) (Amendment) Regulations 2006

In exercise of the powers conferred by section 107(2) 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 (Central Fund Administrators) (Amendment) Regulations 2006 and shall come into operation on 1st July 2006.

Amendment of regulation 3

2. Regulation 3 of the Income Tax (Central Fund Administrators) Regulations 2004 (G.N. No. S 40/2004) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraph (2) and substituting the following paragraphs:

“(2) A Central Fund Administrator which receives an application which complies with paragraph (1), whether such application is received before, on or after 1st July 2006, shall consider the application and may, in his discretion, approve the application where the applicant satisfies the conditions set out in regulation 4.

(2A) Any approval under paragraph (2) of an institution of a public character shall be valid for such period not exceeding 2 years as may be specified in the approval.”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended by deleting the words “for a period not exceeding 5 years,” in paragraph (1).

Deletion and substitution of regulation 7

4. Regulation 7 of the principal Regulations is deleted and the following regulation substituted therefor:

“Power to inspect donation records of related approved institutions of a public character and to appoint auditors

7.—(1) A Central Fund Administrator shall at all times have full and free access to any of the donation records referred to in regulation 6(b) and may, without fee or reward, inspect, copy or make extracts from any such records.

(2) A Central Fund Administrator may appoint any other person to audit or review the management of any related approved institution of a public character.”.

Amendment of regulation 9

5. Regulation 9 of the principal Regulations is amended —

(a)

by inserting, immediately after the words “extension of approval,” in paragraph (1), the words “where such application is made in accordance with regulation 12 of the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004), and whether such application is received before, on or after 1st July 2006,”;

(b)

by deleting the words “not exceeding 5 years” in paragraph (1) and substituting the words “not less than one year and not exceeding 5 years”;

(c)

by deleting the word “and” at the end of paragraph (1)(c); and

(d)

by deleting sub-paragraph (d) of paragraph (1) and substituting the following sub-paragraphs:

“(d)	whether the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004) have been satisfied during the relevant period of approval;
(e)	whether there is or has been any mismanagement, misconduct, incompetence or negligence in the administration of the approved institution of a public character; and
(f)	whether any new condition that the Central Fund Administrator may impose can be satisfied.”.

New regulation 10

6. The principal Regulations are amended by inserting, immediately after regulation 9, the following regulation:

“Powers of Central Fund Administrators exercisable by Comptroller

10. The Comptroller shall have and may exercise all the powers of the Central Fund Administrators under these Regulations.”.

[G.N. No. S 571/2004]

Made this 27th day of June 2006.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF R32.9.2829 V2; AG/LEG/SL/134/2005/21 Vol. 1]

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