Singapore legislation
Regulation 5
Regulation 5
Determination of income exempt from tax
Subregulation 1
This regulation applies for the purpose of determining the income that is exempt under regulation 3, 3A, 3B or 3C.
Subregulation 2
Any expenses allowable under the Act which are attributable to any income mentioned in paragraph (1) must be deducted from that income; and the following must be disregarded:
any balance of the expenses; (b)in the case of —
an approved person that is a partner of an approved partnership (including a limited partnership and a limited liability partnership);
a partner of a limited partnership mentioned in section 13X(1)(b)(ii), (c)(i) or (d)(i) of the Act;
a partner of a partnership (excluding a limited partnership but including a limited liability partnership) mentioned in section 13X(1)(b)(ii) or (c)(ib) of the Act; or
a partner of an approved eligible SPV that is a partnership (including a limited partnership and a limited liability partnership) mentioned in section 13X(1)(c)(v) or (d)(v) of the Act,any excess of the partner’s share of the expenses over the partner’s share of the specified income of the partnership.
Subregulation 3
Any allowances under section 19, 19A, 20, 21 or 22 of the Act must be deducted from that income, even if no claim for those allowances has been made; and the following must be disregarded:
any balance of the allowances; (b)in the case of —
an approved person that is a partner of an approved partnership (including a limited partnership and a limited liability partnership);
a partner of a limited partnership mentioned in section 13X(1)(b)(ii), (c)(i) or (d)(i) of the Act;
a partner of a partnership (excluding a limited partnership but including a limited liability partnership) mentioned in section 13X(1)(b)(ii) or (c)(ib) of the Act; or
a partner of an approved eligible SPV that is a partnership (including a limited partnership and a limited liability partnership) mentioned in section 13X(1)(c)(v) or (d)(v) of the Act,any excess of the partner’s share of the allowance over the partner’s share of the specified income of the partnership.