Singapore legislation
Regulation 2
of Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2017
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —
Definition
“approved 1st tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, for one approved before 19 February 2019, means a special purpose vehicle —
that is wholly owned by the master fund of the structure;
that is approved under section 13U of the Act; and
to which the tax exemption under that section applies;
Definition
“approved 1st tier SPV”, in relation to an approved master-feeder fund-SPV structure or an approved master fund-SPV structure, for one approved on or after 19 February 2019, means a 1st tier SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved 1st tier SPV; or
where the approved 1st tier SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved 1st tier SPV;
Definition
“approved 2nd tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, for one approved before 19 February 2019, means a special purpose vehicle —
that is wholly owned by an approved 1st tier SPV of the structure;
that is approved under section 13U of the Act; and
to which the tax exemption under that section applies;
Definition
“approved 2nd tier SPV”, in relation to an approved master-feeder fund-SPV structure or an approved master fund-SPV structure, for one approved on or after 19 February 2019, means a 2nd tier SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved 2nd tier SPV; or
where the approved 2nd tier SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee, or the taxable entity (as the case may be) of the approved 2nd tier SPV;
Definition
“approved company” means an approved company to which the tax exemption under section 13O of the Act applies;
Definition
“approved eligible SPV”, in relation to an approved master-feeder fund-SPV structure or an approved master fund-SPV structure, means an eligible SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved eligible SPV; or
where the approved eligible SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee, or the taxable entity (as the case may be) of the approved eligible SPV;
Definition
“approved feeder fund”, for one approved before 20 February 2018, means a company, trust fund or limited partnership —
that invests its funds substantially and directly through only one approved master fund; and
that is approved under section 13U of the Act,where the tax exemption under that section applies to the company, the trustee of the trust fund or the partners of the limited partnership;
Definition
“approved feeder fund”, in relation to an approved master-feeder fund structure or an approved master-feeder fund-SPV structure, for one approved on or after 20 February 2018, means a feeder fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved feeder fund; or
where the approved feeder fund is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved feeder fund;
Definition
“approved master‑feeder fund structure” means a master‑feeder fund structure approved under section 13U of the Act;
Definition
“approved master‑feeder fund‑SPV structure” means a master‑feeder fund‑SPV structure approved under section 13U of the Act;
Definition
“approved master fund‑SPV structure” means a master fund‑SPV structure approved under section 13U of the Act;
Definition
“approved master fund”, for one approved before 20 February 2018, means a company, trust fund or limited partnership —
that enables investors to invest funds in one or more underlying investments that are managed by a fund manager; and
that is approved under section 13U of the Act,where the tax exemption under that section applies to the company, the trustee of the trust fund or the partners of the limited partnership;
Definition
“approved master fund” —
for an approved master-feeder fund structure approved on or after 20 February 2018, means a master fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved master fund; or
where the approved master fund is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved master fund; and
for an approved master fund-SPV structure or approved master-feeder fund-SPV structure approved on or after 20 February 2018, means a master fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved master fund; or
where the approved master fund is a partnership or a trust fund — the partners or the trustee (as the case may be) of the approved master fund;
Definition
“approved person” means an approved person to which the tax exemption under section 13U of the Act applies;
Definition
“commodity derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying commodity;
Definition
“corporate futures member” means a futures member of the Singapore Exchange whose membership is of a class or description known as “corporate membership”;
Definition
“debt securities” has the same meaning as in section 43H of the Act;
Definition
“early redemption fee” and “redemption premium” have the meanings given by section 13(16) of the Act;
Definition
“emission derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of underlying emission allowances or emission offsets;
Definition
“excluded entity” means any business trust, collective investment scheme or company that —
is in the business of trading in or holding immovable property (other than immovable property that is or is used for any prescribed asset or project);
is not in the business of property development; and
is not listed on a stock exchange in Singapore or elsewhere;
Definition
“excluded limited partnership” means any limited partnership that —
is in the business of trading in or holding immovable property (other than immovable property that is or is used for any prescribed asset or project);
is not in the business of property development; and
is not listed on a stock exchange in Singapore or elsewhere;
Definition
“financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but excludes derivatives the payoffs of which are wholly linked to the payoffs or performance of commodities;
Definition
“financial sector incentive (capital market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (credit facilities syndication) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (fund management) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (headquarter services) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (standard tier) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (trustee companies) company” means a company approved as such under section 43J of the Act;
Definition
“freight derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying freight rates;
Definition
“futures member of the Singapore Exchange” means any company which holds membership of any class or description of a futures market, or of a clearing house for the futures market, maintained by the Singapore Exchange Limited or any of its subsidiaries;
Definition
“guarantee facility” means any facility where guarantees or letters of credit are made available to and issued in favour of —
a bank that holds a licence under section 7 or 79 of the Banking Act 1970; or
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970;
Definition
“incidental physical trading” means trading by a financial sector incentive (derivatives market) company —
in any commodity with any person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives, whether transacted over‑the‑counter or on an exchange, with that or any other person,where the intention of the parties at the time of the transaction in relation to the commodity is that actual delivery of the commodity is required (whether or not the delivery is actually made);
Definition
“prescribed asset or project” means an infrastructure asset or project prescribed in regulation 5 of the Income Tax (Qualifying Project Debt Securities) Regulations 2008 (G.N. No. S 315/2008);
Definition
“prescribed person” means a person prescribed in regulation 2 of the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010) to which the tax exemption under section 13D of the Act applies;
Definition
“qualifying debt securities” and “structured product” have the meanings given by section 13(16) of the Act;
Definition
“securities lending or repurchase arrangement” has the same meaning as in section 10H of the Act;
Definition
“special purpose vehicle” has the same meaning as in section 13U(5) of the Act;
Definition
“specified person” means any of the following:
a person prescribed in regulation 2 of the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010) to which the tax exemption under section 13D of the Act applies;
an approved company to which the tax exemption under section 13O of the Act applies;
an approved person to which the tax exemption under section 13U of the Act applies;
the approved master fund or an approved feeder fund of an approved master-feeder fund structure;
the approved master fund, an approved feeder fund, an approved 1st tier SPV, an approved 2nd tier SPV or an approved eligible SPV of an approved master-feeder fund-SPV structure;
the approved master fund, an approved 1st tier SPV, an approved 2nd tier SPV or an approved eligible SPV of an approved master fund-SPV structure.
Subregulation 2
A reference in a provision of these Regulations to an approving authority is a reference to an authorised body.