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.