3DCommissioner may determine person has a substantial interest in a trust

3D Commissioner may determine person has a substantial interest in a trust (1) For the purposes of section 3B(1)(b), the Commissioner may determine that a person has a substantial interest in a trust estate if, in the Commissioner's opinion, the person has the capacity to determine or influence the outcome of decisions about the administration and conduct of the trust, taking into account— (b) any practice or behaviour affecting the trustee's administration and conduct of the trust (even if that practice or pattern of behaviour involves the breach of an agreement or a breach of trust). (2) This section applies regardless of any interests that any other person has in the trust estate. S. 3E inserted by No. 26/2015 s. 15. 3E Exemptions from holding controlling interests in foreign corporations or substantial interests in trust estates of foreign trusts (1) Despite sections 3A, 3B, 3C and 3D, a person is taken not to have a controlling interest in a foreign corporation, or a substantial interest in the trust estate of a foreign trust, if the person has an exemption under subsection (2). (2) The Treasurer, for the purposes of subsection (1), may, in writing, exempt a person who has a controlling interest in a foreign corporation, or a substantial interest in the trust estate of a foreign trust, if the Treasurer is satisfied that, having regard to any one or more of the following matters, the person should not be taken to have that interest— (a) in the case of a person who has a controlling interest in a foreign corporation— (i) the nature and degree of ownership and control the person has in the corporation; (ii) the practical influence the person exerts or any rights the person enforces to determine or influence, directly or indirectly, the outcome of decisions about the corporation's financial and operating policies; (iii) any practice or behaviour of the person affecting the corporation's financial or operating policies; (iv) any other relevant circumstances; (b) in the case of a person who has a substantial interest in the trust estate of a foreign trust— (i) the nature and degree of the person's beneficial interest in the capital of the estate of the trust; (ii) the practical influence the person exerts or any rights the person enforces to determine or influence, directly or indirectly, the outcome of decisions about the administration and conduct of the trust; (iii) any practice or behaviour of the person affecting the trustee's administration and conduct of the trust; (iv) any other relevant circumstances. S. 3E(3) amended by No. 38/2023 s. 3. (3) At least once every 12 months the Treasurer must cause to be laid before each House of Parliament, and publish on an appropriate government website, a report setting out— (a) in respect of the exemptions (if any) granted by the Treasurer under subsection (2) during the period covered by the report— (i) the number of exemptions; and (ii) the name of each foreign corporation or foreign trust in relation to which an exemption was granted; and (iii) the value of each exemption, being the amount of duty foregone, or likely to be foregone, by the State because of the exemption; and (b) in respect of the exemptions (if any) granted by the Commissioner or a member of staff of the State Revenue Office during the period covered by the report under a delegation under section 3F— (i) the number of exemptions; and (ii) the total value of the exemptions, being the total amount of duty foregone, or likely to be foregone, by the State because of the exemptions. (4) The Treasurer must issue guidelines for the exercise of the power of exemption under subsection (2). (5) The Treasurer must cause guidelines issued under subsection (4) to be published in the Government Gazette. (6) Guidelines issued under subsection (4) are not a legislative instrument within the meaning of the **Subordinate Legislation Act 1994**. S. 3F inserted by No. 26/2015 s. 15.