Regulation 1
Citation
This Order is the Income Tax (Exemption of Foreign Income) Order 2016.
/akn/sg/act/sub_leg/1947/ITA-S94-2016
Income Tax (Exemption of Foreign Income) Order 2016
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 3
Quick answer
About this subsidiary legislation
Income Tax (Exemption of Foreign Income) Order 2016 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S94-2016 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
In this Order —“IRAS e‑tax guide” means the IRAS e‑tax guide entitled “Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/Asset (Third Edition)” published on 19 June 2015;“scenario” means a scenario (including Scenario F) described in paragraph 4.2 in the IRAS e‑tax guide, being one in which income from a source in a country outside Singapore may be received in Singapore;“Scenario F” means the scenario described in paragraph 4.2.6 in the IRAS e‑tax guide, being one in which income from a source in a country outside Singapore may be received in Singapore.
Definition
“IRAS e‑tax guide” means the IRAS e‑tax guide entitled “Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/Asset (Third Edition)” published on 19 June 2015;
Definition
“scenario” means a scenario (including Scenario F) described in paragraph 4.2 in the IRAS e‑tax guide, being one in which income from a source in a country outside Singapore may be received in Singapore;
Definition
“Scenario F” means the scenario described in paragraph 4.2.6 in the IRAS e‑tax guide, being one in which income from a source in a country outside Singapore may be received in Singapore.
Regulation 3
Exemption
Subregulation 1
Fraser & Neave, Limited is granted exemption from tax on the capital gains dividends and income dividends received in Singapore from its subsidiary, Fraser & Neave Holdings Bhd, a company incorporated in Malaysia.
Subregulation 2
The exemption in sub‑paragraph (1) is subject to the terms and conditions specified in the letters of approval dated 15 August 2014 and 26 February 2015 addressed to Allen & Gledhill LLP, the tax agent of Fraser & Neave, Limited.
Subregulation 3
In this paragraph —
Definition
“capital gains dividends” means dividends which are declared out of capital gains of Fraser & Neave Holdings Bhd arising from any one or more of the following:
(a)
disposal of shares in Malaya Glass Products Sdn Bhd and Brampton Holdings Sdn Bhd;
(b)
writing‑back of excess provision for costs in connection with the disposal of shares in Malaya Glass Products Sdn Bhd;
(c)
the share capital reduction exercise undertaken by Fraser & Neave (Malaya) Sdn Bhd on 25 May 2010;
(d)
unrealised foreign exchange gains;
Definition
“income dividends” means dividends which are —
(a)
declared out of the income of Fraser & Neave Holdings Bhd, being income received (directly or indirectly) from a company in the first column of the Schedule and paid out of the company’s capital gains or income specified in the second column of the Schedule corresponding to the company; and
(b)
received by Fraser & Neave, Limited in Singapore —
(i)
on a date in the third column of the Schedule corresponding to the company; and
(ii)
in a scenario in the fourth column of the Schedule corresponding to the company (if applicable).
Common questions
- What is Income Tax (Exemption of Foreign Income) Order 2016?
- Income Tax (Exemption of Foreign Income) Order 2016 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S94-2016 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Exemption of Foreign Income) Order 2016 still in force?
- Yes — Income Tax (Exemption of Foreign Income) Order 2016 is currently in force.
- When did Income Tax (Exemption of Foreign Income) Order 2016 take effect?
- Income Tax (Exemption of Foreign Income) Order 2016 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Foreign Income) Order 2016 have?
- Income Tax (Exemption of Foreign Income) Order 2016 contains 3 regulations.
- Where can I read the official version of Income Tax (Exemption of Foreign Income) Order 2016?
- The official text of Income Tax (Exemption of Foreign Income) Order 2016 is published at sso.agc.gov.sg.