Income Tax Act |
Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007 |
|
Citation and commencement |
1. These Regulations may be cited as the Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007 and shall be deemed to have come into operation on 18th February 2005. |
Definitions |
Status of foreign account where settlor becomes citizen of Singapore or resident in Singapore |
3. Where any settlor (being an individual) who injected funds or assets into a foreign account of a philanthropic purpose trust subsequently becomes a citizen of Singapore or resident in Singapore, that account shall continue to be regarded as a foreign account for the purposes of section 13O of the Act if —
|
Exemption |
4.—(1) Subject to paragraph (2) and regulation 5, there shall be exempt from tax —
|
Deduction of certain losses not allowed |
5. No deduction shall be allowed under the Act in respect of any philanthropic purpose trust or to any eligible holding company established for the purposes of the philanthropic purpose trust in respect of any loss arising from any transaction that would have been exempted from tax under regulation 4 had it resulted in a gain or profit. |
Keeping of records |
6. Every trustee company administering a philanthropic purpose trust shall, for the purposes of section 67 of the Act, keep and maintain a separate account for the income and expenses pertaining to any foreign account of the trust. |
Additional assessment on income of philanthropic purpose trust or eligible holding company in certain circumstances |
7.—(1) Where a foreign account of a philanthropic purpose trust ceases to be a foreign account for failing to satisfy regulation 3(b), the Comptroller may assess the trustee company administering the philanthropic purpose trust or the eligible holding company established for the purposes of the philanthropic purpose trust, as the case may be, under section 74 of the Act on any income of the philanthropic purpose trust or the eligible holding company that was exempted from tax under these Regulations.
|
Permanent Secretary, Ministry of Finance, Singapore. |
[MF(R)R32.18.2928 Vol. 2; AG/LEG/SL/134/2005/14 Vol. 1] |
Current Acts and Subsidiary Legislation | |
Current Acts | |
Current Subsidiary Legislation | |
All Collections | |
Acts Supplement | |
Bills Supplement | |
Subsidiary Legislation Supplement | |
Revised Editions of Acts | |
Revised Editions of Subsidiary Legislation |