Singapore legislation
Clause 6
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 6
Amendment of First Schedule
Paragraph 1 of the First Schedule to the GST Act is amended by inserting, immediately after sub‑paragraph (3), the following sub‑paragraphs:“(3A) Where a sub-fund (called A) is merged with another sub‑fund (called B) (whether of the same umbrella VCC or of another umbrella VCC) and either —
all of the following conditions are satisfied:
B is the surviving sub‑fund following the merger;
the umbrella VCC of A was a taxable person in relation to A immediately before the merger;
the umbrella VCC of B is not a registered person in relation to B at the time of the merger; or
all of the following conditions are satisfied:
a new sub-fund (called C) is formed following the merger;
either —
the umbrella VCC of A was a taxable person in relation to A; or
the umbrella VCC of B was a taxable person in relation to B,immediately before the merger, or both;
the umbrella VCC of C is not a registered person in relation to C at the time of the merger,then the umbrella VCC of B or C (as the case may be) becomes liable to be registered in relation to it at the time of the merger if —
in the case of paragraph (a), the total value of all of its taxable supplies made in Singapore for the purpose of B in the calendar year immediately preceding the calendar year in which the time of merger falls exceeds $1 million; or
in the case of either paragraph (a) or (b), there are reasonable grounds for believing that the total value of all of its taxable supplies made in Singapore for the purpose of B or C in the period of 12 months then beginning will exceed $1 million.(3B) An umbrella VCC is not liable to be registered in relation to a sub‑fund by virtue of sub‑paragraph (3A)(c) at the end of any calendar year if the Comptroller is satisfied that the value of its taxable supplies made in Singapore for the purpose of that sub‑fund in the next calendar year will not exceed $1 million.”.