Singapore legislation
Clause 33
Clause 33
Amendment of section 107
In the principal Act, in section 107 —
in subsection (28), in the subsection heading, replace “and 50C” with “, 50C and 92J”; and
after subsection (28), insert —“(28A) Section 92J applies as if the definitions of “employee” and “local employee” in section 92J(7) were replaced by the following definition:“local employee”, in relation to a VCC, means an individual —
who is a Singapore citizen or a Singapore permanent resident; and
who is an employee of the VCC for any period in the calendar year 2023 and is on the payroll of the VCC for that period,but excludes an individual who is also a director of the VCC and a holder of shares of the VCC or (if the VCC is an umbrella VCC) any of the sub-funds of the VCC.”.