Singapore legislation
Regulation 5
of Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2023
Regulation 5
Exemption from tax of income relating to foreign exchange and risk management activities
Subregulation 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.
Subregulation 2
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).
Subregulation 3
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).