Singapore legislation
Clause 54
Clause 54
Amendments to allow retrospective regulations and conditions under sections 13O, 13OA and 13R
(1)
In the ITA, in section 13O, after subsection (1), insert —“(1AA) Any condition under subsection (1) that is —
prescribed by regulations; or
specified by the Minister or an authorised body,for the exemption from tax of any prescribed income of an approved company arising from funds managed in Singapore by a fund manager, or from funds managed by an approved person, that is derived at any time between 1 January 2025 and the date of commencement of section 54(1) of the Finance (Income Taxes) Act 2025 (both dates inclusive), may be made to take effect from (and including) 1 January 2025.”.
(2)
In the ITA, in section 13OA —
after subsection (1), insert —“(1A) Any condition under subsection (1) that is —
prescribed by regulations; or
specified by the Minister or an authorised body,for the exemption from tax of any prescribed income of a partner of an approved limited partnership arising from funds managed in Singapore by a fund manager, or from funds managed by an approved person, that is derived at any time between 1 January 2025 and the date of commencement of section 54(2) of the Finance (Income Taxes) Act 2025 (both dates inclusive), may be made to take effect from (and including) 1 January 2025.”; and
after subsection (13), insert —“(13A) Any regulations to provide for any matter in subsection (13) (except for paragraph (d)) in relation to any income of a partner of an approved limited partnership that is derived at any time between 1 January 2025 and the date of commencement of section 54(2) of the Finance (Income Taxes) Act 2025 (both dates inclusive), may be made to take effect from (and including) 1 January 2025.”.
(3)
In the ITA, in section 13U, after subsection (2E), insert —“(2EA) Any condition under subsection (1) that is —
prescribed by regulations; or
specified by the Minister or an authorised body,for the exemption from tax of any prescribed income of a person mentioned in subsection (1)(a) to (d), arising from funds managed in Singapore by a fund manager, that is derived at any time between 1 January 2025 and the date of commencement of section 54(3) of the Finance (Income Taxes) Act 2025 (both dates inclusive), may be made to take effect from (and including) 1 January 2025.”.