Singapore legislation
Regulation 3
of Income Tax (Exemption of Foreign Income — REITs and Other Special Cases) Order 2006
Regulation 3
Exemption of dividends, etc., derived from any territory outside Singapore and received by trustee of real estate investment trust resident in Singapore, etc.
Subregulation 1
Subject to sub‑paragraph (2), there shall be exempt from tax the following income which is paid out of income derived from activities permitted in relation to real estate investment trusts under the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore pursuant to section 284 of the Securities and Futures Act 2001:
any —
dividend derived from any territory outside Singapore which is not exempt from tax under section 13(8) of the Act;
interest derived from any territory outside Singapore; or
distribution made by a trustee of a trust who is not resident in Singapore,received in Singapore —
by a trustee of a real estate investment trust who is resident in Singapore; (B)in the basis period for the year of assessment 2024 or a subsequent year of assessment, by a trustee, who is resident in Singapore, of a sub-trust of a real estate investment trust where all rights or interests in the property of the sub-trust are held for the benefit of the beneficiaries of the real estate investment trust;
during the period starting on 31 May 2006 and ending on the last day of the basis period for the year of assessment 2023, by a company incorporated and resident in Singapore which share capital is 100% owned directly by a trustee of a real estate investment trust; or
in the basis period for the year of assessment 2024 or a subsequent year of assessment, by a company incorporated and resident in Singapore which share capital is 100% owned (whether directly or indirectly) by a trustee of a real estate investment trust;
any Tokumei-Kumiai distribution received in Singapore in the basis period for the year of assessment 2024 or a subsequent year of assessment, by a trustee mentioned in sub‑paragraph (1)(a)(A) or (B), or a company mentioned in sub‑paragraph (1)(a)(D); and
any profits derived from any territory outside Singapore that are received in Singapore by a company incorporated and resident in Singapore, if —
the profits are derived through a branch of that company that operates in any territory outside Singapore; and
the share capital of that company is —
in the case of profits received in Singapore during the period starting on 22 February 2012 and ending on the last day of the basis period for the year of assessment 2023 — 100% owned directly by a trustee of a real estate investment trust who is resident in Singapore; or
in the case of profits received in Singapore in the basis period for the year of assessment 2024 or a subsequent year of assessment — 100% owned (whether directly or indirectly) by a trustee of a real estate investment trust who is resident in Singapore.
Subregulation 2
The exemption under sub‑paragraph (1) is subject to the conditions specified by the Minister to the Inland Revenue Authority of Singapore, which are set out and explained for general information in the edition of the e-tax guide “Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/Asset” published by the Inland Revenue Authority of Singapore, that is in force on the date the income concerned is received in Singapore.
Subregulation 3
In this paragraph, “real estate investment trust” means a trust that is constituted as a collective investment scheme authorised under section 286 of the Securities and Futures Act 2001 and offered to the public for subscription, and that invests or proposes to invest in immovable property and immovable property-related assets.