Income Tax Act 1947 · 2020 Revised Edition · Part 4 · Exemption from Income Tax
13T. Exemption of relevant income of eligible family‑owned investment holding company
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There is exempt from tax all relevant income of an eligible family‑owned investment holding company.
For the purposes of subsection (1), the Minister may make regulations to provide for the deduction of expenses, allowances and losses of an eligible family‑owned investment holding company otherwise than in accordance with this Act.
company
“company” means any company incorporated or registered under any law in force in Singapore or elsewhere;
In this section —
“eligible family‑owned investment holding company” means any company incorporated before 1 April 2013 —
whose shareholders are related to each other in the manner prescribed by regulations;
prescribed
“prescribed” means prescribed by rules or regulations made under this Act;
whose operation consists wholly or mainly of the holding or making of investments; and
which satisfies such other conditions as may be prescribed by regulations;
“relevant income” means —
any income of the kinds referred to in section 13(1)(zd), (ze), (zf), (zh), (zi), (zj), (zk) or (zl) accrued in or derived from Singapore on or after 1 April 2008; or
any income of the kinds referred to in section 13(7A) received in Singapore on or after 1 April 2008.
Where a company fails to satisfy the definition of “eligible family‑owned investment holding company” in any basis period beginning on or after 1 April 2013, then this section does not apply to the company in any subsequent basis period, even if it satisfies the definition in that subsequent basis period.
Subsection (1) ceases to apply with effect from the year of assessment 2024.[13W
year of assessment
“year of assessment” means the period of 12 months commencing on 1 January 1948, and each subsequent period of 12 months.