| Income Tax Act |
| Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations |
| Rg 7 |
| G.N. No. S 233/1988 |
| REVISED EDITION 1998 |
| (15th September 1998) |
| [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 3, 4 and 5, 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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| Computation of income of approved Fund Manager from managing funds of foreign investor as defined in paragraph (b)(i) of definition of “foreign investor” in regulation 6 |
3. Where a foreign investor is a company referred to in paragraph (b)(i) of the definition of “foreign investor” in regulation 6 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 —
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| Computation of income of foreign investor as defined in paragraph (b)(ii) or (c) of definition of “foreign investor” in regulation 6 |
4. Where a foreign investor is —
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| Tax at rate of 5% on incremental income derived by approved Fund Manager |
| Definitions |
6. In these Regulations —
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| Application |
7. These Regulations shall not apply where a foreign investor (other than an individual) —
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| Fund Manager to maintain records |
| 8. 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 |
9. For the purposes of regulations 2, 3, 4 and 5 the Comptroller shall determine —
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