Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2023

The Minister or an authorised body may approve a related party of an ASIE as an approved related party of the ASIE for the purposes of this Order.

The approval in sub‑paragraph (1) may be given only if the Minister or authorised body is satisfied that —

For the purposes of this Order, a company or partnership that is an approved company or approved partnership of an ASIE under paragraph 3(1) of the Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2017 (G.N. No. S 352/2017), and which approval has not expired or been withdrawn as at 11 December 2018, is deemed to be approved by the Minister or authorised body as an approved related party of the ASIE under sub‑paragraph (1).

The income described in sub‑paragraph (2) of an ASIE that is received in Singapore during the period of the ASIE’s approval is exempt from tax.

Sub-paragraph (1) applies to any income comprising payment of dividends from, or partnership profits of, an approved related party of the ASIE, that is paid out of income derived by the approved related party on or after 25 March 2016 and during the period of the approval of the approved related party (including any period of approval that starts before 12 December 2018 for an approved company or approved partnership mentioned in paragraph 3(3)), from the chartering or finance leasing to any person of an applicable seagoing ship during the qualifying period of the ship, for use outside the limits of the port of Singapore.

For the purpose of sub-paragraph (2), an applicable seagoing ship from which income is derived by an approved related party (A) of an ASIE, means a ship —

Sub‑paragraph (1) also applies to any income of an ASIE described in sub‑paragraph (2) that is —

However, sub-paragraph (1) does not apply to the following income of an ASIE:

The income described in sub-paragraph (2) of an ASIE that is received in Singapore during the period of the ASIE’s approval is exempt from tax.

Sub-paragraph (1) applies to any income of an ASIE comprising payment of dividends from, or partnership profits of, an approved related party of the ASIE, that is paid out of income derived by the approved related party on or after 25 March 2016 and during the period of the approval of the approved related party (including any period of approval that starts before 12 December 2018 for an approved company or approved partnership mentioned in paragraph 3(3)), from foreign exchange and risk management activities that are carried out in connection with and incidental to the activity mentioned in paragraph 4(2).

Sub-paragraphs (4) and (5) of paragraph 4 apply to this paragraph as they apply to paragraph 4, as if the reference to the income of an ASIE in paragraph 4(2) were a reference to the income of an ASIE in sub‑paragraph (2).

The income described in sub‑paragraph (2) of an ASIE that is received in Singapore during the period of the ASIE’s approval is exempt from tax.

Sub-paragraph (1) applies to any income comprising payment of dividends from, or partnership profits of, an approved related party of the ASIE, that is paid out of income derived by the approved related party on or after 1 June 2011 and during the period of the approval of the related party (including any period of approval that starts before 12 December 2018 for an approved company or approved partnership mentioned in paragraph 3(3)), from any of the following activities:

Sub-paragraph (1) does not apply to income of the ASIE that is paid out of income derived from any activity mentioned in sub‑paragraph (2)(a) by an approved related party of the ASIE —

In sub-paragraph (2), “special purpose company”, in relation to an approved related party of an ASIE, means a company that is wholly owned by the approved related party and whose only business or intended business is the chartering or finance leasing of seagoing ships.