12% tax payable on qualifying income of financial sector incentive (trustee companies) company
5A.—(1)  Tax is payable at the rate of 12% on the income of a financial sector incentive (trustee companies) company from the provision of any of the following services:
(a)trustee or custodian services in its capacity as a trustee of a trust;
(b)trustee or custodian services in respect of bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments;
(c)trust management or administration services to —
(i)a trustee of a trust; or
(ii)a holding company of a trust that is administered by a trustee company in Singapore;
(d)trustee services in respect of the issue of units of a collective investment scheme, or of a business trust;
(e)custodian services in respect of —
(i)debt securities;
(ii)equity securities;
(iii)units in a collective investment scheme; or
(iv)units in a business trust.
(2)  In this regulation, “holding company”, in relation to a trust, means a company —
(a)which is set up to hold the assets of the trust;
(b)whose operations consist solely of trading in or making investments for the purpose of the trust; and
(c)whose shares are all held by the trustees of the trust, or by their nominee.
[S 111/2019 wef 01/06/2017]