Singapore legislation
Clause 11
Clause 11
Amendment of section 13R
Section 13R of the principal Act is amended by deleting subsection (1) and substituting the following subsections:“(1) Subject to such conditions as may be prescribed by regulations or specified in the letter of approval of the company, there shall be exempt from tax such income as the Minister may by regulations prescribe of a company incorporated and resident in Singapore and approved by the Minister or such person as he may appoint (referred to in this section as an approved company) arising from funds managed —
in Singapore by a fund manager; or
by a person approved by the Minister or the person appointed by the Minister.(1A) The approval of a person under subsection (1) shall be subject to such conditions as the Minister may impose.”.