Singapore legislation
Regulation 2
of Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2023
Regulation 2
Definitions
In this Order —“approved related party”, in relation to an ASIE, means any company or partnership —
that is a related party of the ASIE and approved by the Minister or an authorised body under paragraph 3(1); or
that is deemed under paragraph 3(3) to be approved as such by the Minister or authorised body under paragraph 3(3);“approved shipping investment enterprise” or “ASIE” —
means a shipping investment enterprise approved under section 13P of the Act; and (b)includes a partnership approved by the Minister (or an authorised body) under section 13P of the Act as applied by section 36 of the Act;“qualifying period”, in relation to a seagoing ship, means the period specified under section 13P(4) of the Act during which income of that ship, or a class of seagoing ships to which that ship belongs, is exempt from tax under section 13P of the Act;“related party”, in relation to an ASIE, means a company or partnership —
that is a related party of the ASIE in accordance with the Income Tax (Related Party of Approved Shipping Investment Enterprise under Section 13P) Rules 2021 (G.N. No. S 874/2021); or
that is approved by the Minister to be a related party of the ASIE for the purposes of section 13P of the Act.“ship” has the meaning given by section 2(1) of the Merchant Shipping Act 1995.
Definition
“approved related party”, in relation to an ASIE, means any company or partnership —
that is a related party of the ASIE and approved by the Minister or an authorised body under paragraph 3(1); or
that is deemed under paragraph 3(3) to be approved as such by the Minister or authorised body under paragraph 3(3);
Definition
“approved shipping investment enterprise” or “ASIE” —
means a shipping investment enterprise approved under section 13P of the Act; and (b)includes a partnership approved by the Minister (or an authorised body) under section 13P of the Act as applied by section 36 of the Act;
Definition
“qualifying period”, in relation to a seagoing ship, means the period specified under section 13P(4) of the Act during which income of that ship, or a class of seagoing ships to which that ship belongs, is exempt from tax under section 13P of the Act;
Definition
“related party”, in relation to an ASIE, means a company or partnership —
that is a related party of the ASIE in accordance with the Income Tax (Related Party of Approved Shipping Investment Enterprise under Section 13P) Rules 2021 (G.N. No. S 874/2021); or
that is approved by the Minister to be a related party of the ASIE for the purposes of section 13P of the Act.
Definition
“ship” has the meaning given by section 2(1) of the Merchant Shipping Act 1995.