5 March 2012

Income  Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) (Amendment) Regulations 2012, published on 1 March 2012, is deemed to have come into operation on 1 September 2007.

The Regulations amends Regulation 2(1) of the  Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007 (G.N. No. S 692/2007)  by deleting the definition of “designated  investments’’ and substituting the following definition:

‘‘ ‘‘designated investments’’ has the same meaning  as in the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund  Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010), with references to ‘‘prescribed  person’’ therein modified to refer to ‘‘trustee company’’ or ‘‘eligible  holding  company’’ referred to in regulation 4(1), as the case may be;’’.

Source: e-Gazette