Singapore legislation
Section 33AA
Section 33AA
Umbrella VCCs
(1)
For the purposes of this Act, an umbrella VCC making or receiving a supply for the purpose of one of its sub‑funds is taken to be a separate person from the same VCC making or receiving a supply for the purpose of another of its sub‑funds.
(2)
Accordingly —
a supply that is made by an umbrella VCC for the purpose of one of its sub-funds, and received by the same VCC for the purpose of another of its sub‑funds, is taken to be a supply made by one person to another person;
supplies made or received by an umbrella VCC for the purpose of different sub-funds are taken to have been made or received by different persons; and
an umbrella VCC making taxable supplies for the purpose of one of its sub‑funds is to be registered as a person separately from the same umbrella VCC making taxable supplies for the purpose of another of its sub‑funds and each is taken to be a separate taxable or registered person.
(3)
For the purposes of this Act, a reference to a business carried on by a taxable person is, where the taxable person is an umbrella VCC in relation to any of its sub‑funds, a reference to its business in relation to that sub‑fund.
(4)
Where —
the person who receives, is supplied or is the customer of the goods or services mentioned in section 14(1)(a)(i), 38(1) or (2) or 38A(2) is an umbrella VCC; and
the goods or services are supplied for the purpose of or in connection with the VCC’s business in relation to any of its sub-funds,then, for the purpose of section 14(2), 38(1) or (2) or 38A(2) (as the case may be), the recipient, person supplied or customer of those goods or services is taken to be the umbrella VCC for the purpose of that sub‑fund.
(5)
Any liability of an umbrella VCC for tax in relation to a supply made by it for the purpose of a sub-fund, together with any penalty or other amounts payable to the Comptroller in relation to the supply, is considered (for the purposes of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.
(6)
Any fine or penalty imposed on, or composition sum that may be paid by, an umbrella VCC for an offence under this Act that is committed in connection with any of its sub-funds, including but not limited to —
a supply received or made by it for the purpose of the sub‑fund; and
any return, document, information or other matter concerning the sub-fund,is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.