Income Tax Act |
Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations |
Rg 7 |
G.N. No. S 233/1988 |
REVISED EDITION 1990 |
(25th March 1992) |
[2nd September 1988] |
Citation |
1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations. |
Concessionary rate of tax |
2. Subject to regulations 2A, 2B and 2C, tax shall be payable by a fund manager approved under section 43A of the Act at the rate of 10% on its fees and commissions —
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2A. Where a foreign investor is a company referred to in paragraph (b)(i) of the definition of “foreign investor” in regulation 3 in which the Government of Singapore Investment Corporation Pte Ltd (referred to in these Regulations as GIC) is a shareholder, the amount of fees and commissions which is chargeable to tax at the concessionary rate of 10% under regulation 2 shall be computed in accordance with the formula —
[S 177/1996 wef Y/A 1995 & subsq. Ys/A] |
2B. Where a foreign investor is —
[S 177/1996 wef Y/A 1995 & subsq. Ys/A] |
Definitions |
3. In these Regulations —
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Application |
4. These Regulations shall not apply where a foreign investor (other than an individual) —
[S 494/1992 wef Y/A 1988 & subsq. Ys/A] |
Fund manager to maintain records |
5. The approved fund manager shall keep and maintain such records of the particulars of foreign investors as may be required by the Minister for the purposes of these Regulations. |
Determination of income chargeable to tax |
6. For the purposes of regulations 2, 2A, 2B and 2C, the Comptroller shall determine —
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