Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  Amended S 772/2017
12% tax payable on qualifying income of financial sector incentive (trustee companies) company derived on or after 1 April 2016
4B.—(1)  Subject to paragraph (2), tax is payable at the rate of 12% on the income of a financial sector incentive (trustee companies) company derived on or after 1 April 2016 from providing any of the following services:
(a)trustee or custodian services in the company’s capacity as a trustee of a relevant foreign trust, or as a trustee of a philanthropic purpose trust in respect of a foreign account;
(b)trustee or custodian services for or on behalf of any unit trust —
(i)which is also a trust fund that is a foreign investor; and
(ii)the funds of which are invested in designated investments;
(c)trustee or custodian services in respect of foreign bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments;
(d)custodian services for or on behalf of any foreign mutual fund corporation, where the funds of the foreign mutual fund corporation are invested in designated investments;
(e)trust management or administration services provided to a trustee of a relevant foreign trust, to any eligible holding company of a relevant foreign trust, or to a trustee of a philanthropic purpose trust in respect of a foreign account;
(f)trustee services in respect of the issue of units of —
(i)a foreign collective investment scheme; or
(ii)a foreign business trust,
where the proceeds of the issue of the units are used outside Singapore;
(g)custodian services in respect of —
(i)any qualifying debt securities;
(ii)any foreign debt securities;
(iii)any foreign equity securities;
(iv)any units in a foreign collective investment scheme; or
(v)any units in a foreign business trust.
(2)  Paragraph (1) does not apply to any payment for the services mentioned in paragraph (1)(a) to (f), that is borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore (excluding, in the case of services mentioned in sub‑paragraph (a), (b), (e) or (f) of paragraph (1), payment by a trustee of the trust mentioned in that sub‑paragraph where the trustee is incorporated, resident or registered in Singapore).
[S 772/2017 wef 01/04/2016]
Informal Consolidation | Amended S 487/2021
12% tax payable on qualifying income of financial sector incentive (trustee companies) company derived between 1 April 2016 and 30 June 2021
4B.—(1)  Subject to paragraph (2), tax is payable at the rate of 12% on the income of a financial sector incentive (trustee companies) company derived during the period between 1 April 2016 and 30 June 2021 (both dates inclusive) from providing any of the following services:
(a)trustee or custodian services in the company’s capacity as a trustee of a relevant foreign trust, or as a trustee of a philanthropic purpose trust in respect of a foreign account;
(b)trustee or custodian services for or on behalf of any unit trust —
(i)which is also a trust fund that is a foreign investor; and
(ii)the funds of which are invested in designated investments;
(c)trustee or custodian services in respect of foreign bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments;
(d)custodian services for or on behalf of any foreign mutual fund corporation, where the funds of the foreign mutual fund corporation are invested in designated investments;
(e)trust management or administration services provided to a trustee of a relevant foreign trust, to any eligible holding company of a relevant foreign trust, or to a trustee of a philanthropic purpose trust in respect of a foreign account;
(f)trustee services in respect of the issue of units of —
(i)a foreign collective investment scheme; or
(ii)a foreign business trust,
where the proceeds of the issue of the units are used outside Singapore;
(g)custodian services in respect of —
(i)any qualifying debt securities;
(ii)any foreign debt securities;
(iii)any foreign equity securities;
(iv)any units in a foreign collective investment scheme; or
(v)any units in a foreign business trust.
[S 487/2021 wef 01/07/2021]
(2)  Paragraph (1) does not apply to any payment for the services mentioned in paragraph (1)(a) to (f), that is borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore (excluding, in the case of services mentioned in sub‑paragraph (a), (b), (e) or (f) of paragraph (1), payment by a trustee of the trust mentioned in that sub‑paragraph where the trustee is incorporated, resident or registered in Singapore).
[S 772/2017 wef 01/04/2016]
[S 487/2021 wef 01/07/2021]