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 certain foreign investors |
3. Where a foreign investor is —
[S 480/99] |
Tax exemption on income derived by approved Fund Manager |
Tax exemption on income derived by approved Fund Manager (year of assessment 1998 only) |
5.—(1) Notwithstanding regulation 2, the fees and commissions derived by a Fund Manager approved under section 43A of the Act from the activities described in regulation 2 shall be exempt from tax for the year of assessment 1998, if the following conditions are satisfied —
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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 and 3 the Comptroller shall determine —
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Determination of income exempted from tax |
10.—(1) In determining the income of an approved Fund Manager to be exempted from tax under regulations 4 and 5 derived by it from the activities described in regulation 2 —
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