Singapore legislation
Regulation 3
Regulation 3
Exemption from tax under section 13U(1)(a) of Act
Subregulation 1
Subject to the conditions in paragraph (2) and regulations 4, 5 and 6, there shall be exempt from tax, pursuant to section 13U(1)(a) of the Act, for any year of assessment —
in the case of an approved person that is not a partner of an approved partnership (including a limited partnership and a limited liability partnership) — any specified income derived by the approved person from funds managed in Singapore by a fund manager in respect of designated investments; and
in the case of an approved person that is a partner of an approved partnership (including a limited partnership and a limited liability partnership) — the share to which the partner is entitled in any specified income derived by the approved partnership from funds managed in Singapore by a fund manager in respect of designated investments.
Subregulation 2
The conditions referred to in paragraph (1) are —
throughout the basis period for that year of assessment, the funds are managed in Singapore by a fund manager;
at the time of the application for approval of the person (not being an individual, a body of persons or a Hindu joint family), partnership (including a limited partnership and a limited liability partnership), trust fund or investment vehicle that is not a legal entity under section 13U of the Act —
the amount of its funds; or
if the person, partnership, trust fund or investment vehicle is a private equity fund, a real estate fund, an infrastructure fund, a debt and credit fund or a fund whose primary purpose is to invest in private equity funds, the amount of its committed funds,managed in Singapore by a fund manager is at least $50 million;
for that year of assessment, no part of the income of the approved person (other than any income derived before the approval of the person, partnership, trust fund or investment vehicle under section 13U of the Act) —
is exempt from tax under section 13C, 13D, 13F, 13G, 13L, 13M, 13N, 13O, 13T or 13V of the Act;
is subject to a concessionary rate of tax under section 43D, 43E or 43J of the Act; or
is entitled to any tax relief or concessionary rate of tax under Part 3 or 4 of the Economic Expansion Incentives (Relief from Income Tax) Act 1967; and
[Deleted by S56/2025 wef 20/01/2025](e)conditions specified in the letter of approval issued by the Monetary Authority of Singapore approving the person, partnership, trust fund or investment vehicle (as the case may be) under section 13U of the Act.