Singapore legislation
Clause 7
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 7
Amendment of Third Schedule
The Third Schedule to the GST Act is amended by inserting, immediately after paragraph 5, the following paragraph:“6. Paragraph 4 applies with the following modifications for the purposes of determining whether a person has control over a company that is an umbrella VCC making or receiving the supply in question for the purpose of a sub‑fund:
a reference to the issued shares or share capital of, or the voting power in, the company is to the issued shares or share capital of the umbrella VCC in respect of that sub‑fund, or the voting power attached to such shares, as the case may be;
a reference to the income of the company is to the income of the umbrella VCC from the sub‑fund;
a reference to the assets of the company is to the assets held by the umbrella VCC for the purpose of or that are attributable to that sub‑fund;
a reference to a creditor of the company is to the creditor of the umbrella VCC in respect of a loan that is taken by the umbrella VCC for the purpose of that sub‑fund;
a reference to the winding up of a company is to the winding up of the umbrella VCC or the sub‑fund.”.