No. S 499
Income Tax Act
(Chapter 134)
Income Tax (Exemption of Income of Foreign Trusts) (Amendment) Regulations 2010
In exercise of the powers conferred by section 13G of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:
Citation and commencement
1.—(1)  These Regulations may be cited as the Income Tax (Exemption of Income of Foreign Trusts) (Amendment) Regulations 2010 and shall, with the exception of regulation 2(a), (b) and (c), be deemed to have come into operation on 22nd January 2009.
(2)  Regulation 2(a) and (b) shall be deemed to have come into operation on 1st September 2007.
(3)  Regulation 2(c) shall come into operation on 6th September 2010.
Amendment of regulation 2
2.  Regulation 2 of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24) is amended —
(a)by deleting the definition of “designated investments” and substituting the following definition:
“ “designated investments” has the same meaning as in the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010);”;
(b)by deleting the words “Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003)” in paragraph (e) of the definition of “specified income” and substituting the words “Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010)”;
(c)by deleting the words “31st December 2008” in paragraphs (h)(ii) and (k) of the definition of “specified income” and substituting in each case the words “31st December 2013”;
(d)by deleting the word “and” at the end of paragraph (j) of the definition of “specified income”; and
(e)by inserting, immediately after paragraph (k) of the definition of “specified income”, the following paragraphs:
(l)gains or profits realised on or after 22nd January 2009 upon the maturity, redemption or transfer of both legal and beneficial ownership (other than sale or by way of a securities lending and repurchase arrangement) of any designated investments; and
(m)amounts payable from any Islamic debt securities issued on or after 22nd January 2009 which are qualifying debt securities;”.
[G.N. Nos. S 350/2003; S 590/2005; S 95/2006; S 694/2007; S 397/2008]

Made this 1st day of September 2010.

CHAN LAI FUNG
Permanent Secretary
(Finance Performance)
Ministry of Finance,
Singapore.
[MFR 32.19.4 Vol. 34; AG/LLRD/SL/134/2005/29 Vol. 2]