3.—(1) Subject to paragraph (2) and regulations 4 and 5, there shall be exempt from tax the specified income from designated investments derived by —
(a)
an eligible holding company; or
(b)
a foreign trust,
which is administered by a trustee company in Singapore.
[S 590/2005 wef Y/A 2004 & Sub Ys/A]
(2) A trustee company shall submit an annual declaration to the Comptroller, in such form as the Comptroller or the Monetary Authority of Singapore may specify, that the foreign trust or the eligible holding company (as the case may be) has, or both the foreign trust and the eligible holding company have, met the conditions in these Regulations.