Income Tax Act |
Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations |
Rg 7 |
G.N. No. S 233/1988 |
REVISED EDITION 2001 |
(31st May 2001) |
[2nd September 1988] |
Citation |
1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Fund Managers) Regulations. |
Application |
2. These Regulations shall not apply where a foreign investor (other than an individual) —
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Definitions |
3. In these Regulations —
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Concessionary rate of tax |
Computation of income of approved Fund Manager from managing funds of certain foreign investors |
5. Where a foreign investor is —
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Tax exemption on income derived by approved Fund Manager |
6.—(1) Notwithstanding regulation 4, the Minister, or such person as he may appoint, may, subject to such conditions as he may impose, exempt from tax the fees and commissions derived by a Fund Manager approved under section 43A of the Act from the activities described in regulation 4 if he is of the opinion that such exemption from tax will promote or enhance the economic development of Singapore.
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Tax exemption on income derived by approved Fund Manager (year of assessment 1998 only) |
7.—(1) Notwithstanding regulation 4, the fees and commissions derived by a Fund Manager approved under section 43A of the Act from the activities described in regulation 4 shall be exempt from tax for the year of assessment 1998, if the following conditions are satisfied:
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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 4 and 5, 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 6 and 7 derived by it from the activities described in regulation 4 —
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