/akn/sg/act/sub_leg/1947/ITA-S8-2010

Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010

The full official text, structured for quick navigation. Copy any provision or jump straight to a section.

Type: Subsidiary Legislation
Status: In force
Enacted: 1947
Sections: 8

Quick answer

About this subsidiary legislation

Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S8-2010 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

Amended byS 935/2022 wef 31/12/2021

These Regulations may be cited as the Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 and, subject to paragraph (2), shall be deemed to have come into operation on 1st September 2007.(2) No liability to pay any penalty under section 13O of the Act shall arise in respect of any exemption from tax prior to 7th January 2010.

Subregulation 1

Subregulation 2

Amended byS 935/2022 wef 31/12/2021

No liability to pay any penalty under section 13O of the Act shall arise in respect of any exemption from tax prior to 7th January 2010.

Regulation 2

Definitions

Amended byS 383/2016 wef 11/04/2016S 383/2016 wef 11/04/2016S 345/2012 wef 01/04/2009S 345/2012 wef 01/04/2009S 345/2012 wef 01/09/2007S 935/2022 wef 31/12/2021S 345/2012 wef 01/04/2009S 383/2016 wef 07/07/2010S 935/2022 wef 31/12/2021S 935/2022 wef 31/12/2021S 383/2016 wef 01/04/2014S 935/2022 wef 31/12/2021S 383/2016 wef 01/04/2014S 383/2016 wef 01/04/2014S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019

Subregulation 1

In these Regulations —

Definition

“bona fide entity” means an entity that is not a non-bona fide entity;

Definition

“designated investments” and “specified income” have the same meanings as in the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010), with references to “prescribed person” therein modified to refer to “approved company”;

Amended byS 383/2016 wef 11/04/2016

Definition

“designated person” has the same meaning as in the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010;

Amended byS 383/2016 wef 11/04/2016

Definition

“prescribed percentage”, in relation to an approved company, means —

(a)

where the approved company has less than 10 relevant owners, 30%; or

(b)

where the approved company has at least 10 relevant owners, 50%;

Definition

“Singapore person”, in relation to an approved company, means a person who is a Singapore citizen, resident in Singapore or permanent establishment in Singapore, but does not include —

(a)

a designated person; (b)another approved company under section 13O of the Act and which, at all times during the basis period for the year of assessment for which the income of the approved company is exempt from tax under section 13O of the Act —

(i)

beneficially owns directly, 100% of the value of issued securities of the approved company; and

(ii)

satisfies the conditions in regulation 3(2); or

(c)

an approved person under section 13U of the Act and which, at all times during the basis period for the year of assessment for which the income of the approved company is exempt from tax under section 13O of the Act —

(i)

beneficially owns directly 100% of the value of issued securities of the approved company; and

(ii)

satisfies the conditions in regulation 3(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 414/2010).

Amended byS 345/2012 wef 01/04/2009S 345/2012 wef 01/04/2009S 345/2012 wef 01/09/2007S 935/2022 wef 31/12/2021S 345/2012 wef 01/04/2009S 383/2016 wef 07/07/2010S 935/2022 wef 31/12/2021

Subregulation 2

Amended byS 935/2022 wef 31/12/2021

For the purposes of section 13O of the Act and these Regulations, issued securities include —

(a)

any right under a contract for differences, or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations, in —

(i)

the value or price of issued debentures, stocks or shares;

(ii)

the value or price of any group of any such debentures, stocks or shares; or

(iii)

an index of any such debentures, stocks or shares; and

(b)

derivatives of a buy-sell nature for funding purpose,but does not include —

(A)

futures contracts which are traded on a futures market;

(B)

bills of exchange;

(C)

promissory notes; or

(D)

certificates of deposit issued by a bank or finance company.

Subregulation 3

Amended byS 383/2016 wef 01/04/2014S 935/2022 wef 31/12/2021

Any reference in section 13O of the Act and these Regulations to the value of issued securities of a company of the type described in paragraph (2), where the relevant day is before 1 April 2014, is a reference to the value of those securities —

(a)

at the time of their issue by the company; or

(b)

in the case of derivatives of a buy-sell nature, at the time of their buy-sell transaction.

Subregulation 4

Amended byS 383/2016 wef 01/04/2014

Any reference in these Regulations to the value of issued securities of a company of the type described in paragraph (2), where the relevant day is on or after 1 April 2014, is a reference to the net asset value of those securities on the relevant day.

Subregulation 5

Amended byS 383/2016 wef 01/04/2014S 707/2024 wef 19/02/2019

In paragraphs (3) and (4) but subject to paragraph (6), “relevant day”, in relation to a company, is the last day of the basis period of the company for the year of assessment in question.

Subregulation 6

Amended byS 707/2024 wef 19/02/2019

Where the period of approval of an approved company ends before the last day of its basis period for the year of assessment in question, the “relevant day” is the last day of that period of approval.

Subregulation 7

Amended byS 707/2024 wef 19/02/2019

In these Regulations, a reference to a basis period for a year of assessment, in relation to an approved company, is to the part of the basis period that is within the period of approval of the company, if the period of approval begins or ends during the basis period.

Regulation 3

Exemption from tax of income under section 13O of Act

Amended byS 383/2016 wef 01/09/2007S 707/2024 wef 19/02/2019S 935/2022 wef 31/12/2021

Subregulation 1

Subject to the conditions in paragraph (2) and regulation 4, there shall be exempt from tax the specified income derived by an approved company from funds managed in Singapore by any fund manager in respect of designated investments.

Subregulation 2

Amended byS 383/2016 wef 01/09/2007S 707/2024 wef 19/02/2019S 935/2022 wef 31/12/2021

The conditions referred to in paragraph (1) are —

(a)

at all times during the basis period for the year of assessment in question (being a year of assessment prior to the year of assessment 2020), the aggregate value of the approved company’s issued securities beneficially owned (directly or indirectly) by Singapore persons is less than 100%;

(b)

[Deleted by S 707/2024 wef 12/09/2024](c)the income of the approved company is not derived from investments which have been transferred (other than by way of a sale on market terms and conditions) from a person carrying on a business in Singapore where the income derived by that person from those investments was not, or would not have been if not for their transfer, exempt from tax; and

(d)

such conditions as specified in the letter of approval issued by the Monetary Authority of Singapore on approving a company as an approved company under section 13O of the Act.

Subregulation 3

[Deleted by S 707/2024 wef 12/09/2024]

Regulation 4

No deduction in respect of loss arising from designated investments

Amended byS 345/2012 wef 01/09/2007

Notwithstanding anything in these Regulations, no deduction shall be allowed under the Act to —

(a)

any approved company in respect of any loss arising from —

(i)

the sale of any designated investments if any gains or profits realised from the sale of such investments would have been exempt from tax under regulation 3; and

(ii)

any transaction, other than those falling under sub‑paragraph (i), in respect of any designated investments if any gains or profits from such transaction would have been exempt from tax under regulation 3; and

(b)

any relevant owner of any approved company in respect of any loss arising from sales or transactions of the types described in paragraph (a) which are otherwise attributable to such relevant owner.

Regulation 5

Persons exempted from application of certain provisions

Amended byS 345/2012 wef 01/09/2007S 345/2012 wef 01/09/2007S 345/2012 wef 01/04/2009S 345/2012 wef 01/04/2009S 345/2012 wef 01/09/2007S 707/2024 wef 07/07/2010S 707/2024 wef 19/02/2019S 935/2022 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 345/2012 wef 01/04/2009S 383/2016 wef 07/07/2010S 707/2024 wef 07/07/2010S 707/2024 wef 01/04/2015S 935/2022 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 20/02/2018S 707/2024 wef 20/02/2018S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 01/04/2015S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 01/04/2015S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 345/2012 wef 01/09/2007S 345/2012 wef 01/09/2007S 345/2012 wef 01/04/2009S 345/2012 wef 01/04/2009S 345/2012 wef 01/09/2007S 707/2024 wef 07/07/2010S 707/2024 wef 19/02/2019S 935/2022 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 345/2012 wef 01/04/2009S 383/2016 wef 07/07/2010S 707/2024 wef 07/07/2010S 707/2024 wef 01/04/2015S 935/2022 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 20/02/2018S 707/2024 wef 20/02/2018S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 01/04/2015S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 707/2024 wef 01/04/2015S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 935/2022 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 31/12/2021S 707/2024 wef 07/07/2010S 707/2024 wef 31/12/2021

Subregulation 1

Section 13O(3) of the Act shall not apply to a relevant owner who is —

(a)

an individual;

(b)

a bona fide entity not resident in Singapore who does not have a permanent establishment in Singapore (other than a fund manager) and does not carry on a business in Singapore;

(c)

a bona fide entity not resident in Singapore (excluding a permanent establishment in Singapore) who carries on an operation in Singapore through a permanent establishment in Singapore where the funds used by the entity to invest directly or indirectly in the approved company are not obtained from such operation; (d)a designated person; (e)another approved company under section 13O of the Act which, at all times during the basis period for the year of assessment (being a year of assessment prior to the year of assessment 2020) for which the income of an approved company is exempt from tax under section 13O of the Act —

(i)

beneficially owns directly, 100% of the value of issued securities of the approved company; and

(ii)

satisfies the conditions in regulation 3(2);

(ea)another approved company under section 13O of the Act which, at all times during the basis period for the year of assessment (being the year of assessment 2020 or any subsequent year of assessment) for which the income of the approved company is exempt from tax under section 13O of the Act, satisfies the conditions in regulation 3(2);

(f)

an approved person under section 13U of the Act which, at all times during the basis period for the year of assessment for which the income of an approved company is exempt from tax under section 13O of the Act —

(i)

[Deleted by S 646/2013 wef 01/04/2009](ii)satisfies the conditions in regulation 3(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 414/2010);

(g)

in relation to an approved master-feeder fund structure —

(i)

a person (not being an individual, a body of persons or a Hindu joint family) that is an approved master fund or an approved feeder fund of the structure;

(ii)

a partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure;

(iii)

a trustee of a trust fund where the trust fund is the approved master fund or an approved feeder fund of the structure; or

(iv)

a taxable entity in relation to the approved master fund or an approved feeder fund of the structure, where the master fund or feeder fund is not a legal entity,if all of the conditions in regulation 3A(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13O of the Act;

(h)

in relation to an approved master-feeder fund-SPV structure —

(i)

a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership (as the case may be) is the approved master fund or an approved feeder fund of the structure;

(ia)a person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure;

(ib)a partner of a partnership (excluding a limited partnership but including a limited liability partnership), where the partnership is an approved feeder fund of the structure;

(ic)

a taxable entity in relation to an approved feeder fund of the structure, where the feeder fund is not a legal entity;

(ii)

an approved 1st tier SPV of the structure;

(iii)

an approved 2nd tier SPV of the structure;

(iv)

an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub-paragraph (v), (vi) or (vii);

(v)

a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership);

(vi)

the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or

(vii)

the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,if all of the conditions in regulation 3B(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13O of the Act; or

(i)

in relation to an approved master fund-SPV structure —

(i)

a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership (as the case may be) is the approved master fund of the structure;

(ii)

an approved 1st tier SPV of the structure;

(iii)

an approved 2nd tier SPV of the structure;

(iv)

an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub-paragraph (v), (vi) or (vii);

(v)

a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership);

(vi)

the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or

(vii)

the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,if all of the conditions in regulation 3C(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13O of the Act.

Subregulation 2

Section 13O(5) of the Act shall not apply to a person referred to in that section if the person is —

(a)

an individual;

(b)

a bona fide entity not resident in Singapore who does not have a permanent establishment in Singapore (other than a fund manager) and does not carry on a business in Singapore;

(c)

a bona fide entity not resident in Singapore (excluding a permanent establishment in Singapore) who carries on an operation in Singapore through a permanent establishment in Singapore where the funds used by the entity to invest directly or indirectly in the approved company are not obtained from such operation; (d)a designated person; (e)another approved company under section 13O of the Act which, at all times during the basis period for the year of assessment (being any year of assessment prior to the year of assessment 2020) for which the income of an approved company is exempt from tax under section 13O of the Act —

(i)

beneficially owns directly, 100% of the value of issued securities of the approved company; and

(ii)

satisfies the conditions in regulation 3(2);

(ea)another approved company under section 13O of the Act which, at all times during the basis period for the year of assessment (being the year of assessment 2020 or any subsequent year of assessment) for which the income of an approved company is exempt from tax under section 13O of the Act, satisfies the conditions in regulation 3(2);

(f)

(i)

[Deleted by S 646/2013 wef 01/04/2009](ii)satisfies the conditions in regulation 3(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010;

(g)

in relation to an approved master-feeder fund structure —

(i)

a person (not being an individual, a body of persons or a Hindu joint family) that is an approved master fund or an approved feeder fund of the structure;

(ii)

a partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure;

(iii)

a trustee of a trust fund where the trust fund is the approved master fund or an approved feeder fund of the structure; or

(iv)

(h)

in relation to an approved master-feeder fund-SPV structure —

(i)

(ia)a person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure;

(ib)a partner of a partnership (excluding a limited partnership but including a limited liability partnership), where the partnership is an approved feeder fund of the structure;

(ic)

a taxable entity in relation to an approved feeder fund of the structure, where the feeder fund is not a legal entity;

(ii)

an approved 1st tier SPV of the structure;

(iii)

an approved 2nd tier SPV of the structure;

(iv)

an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub-paragraph (v), (vi) or (vii);

(v)

a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership);

(vi)

the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or

(vii)

(i)

in relation to an approved master fund-SPV structure —

(i)

a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership (as the case may be) is the approved master fund of the structure;

(ii)

an approved 1st tier SPV of the structure;

(iii)

an approved 2nd tier SPV of the structure;

(iv)

an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub-paragraph (v), (vi) or (vii);

(v)

a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership);

(vi)

the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or

(vii)

Subregulation 3

Amended byS 935/2022 wef 31/12/2021

For the purposes of section 13O(3) and (5) of the Act and the definition of “prescribed percentage” in regulation 2(1), where the issued securities or equity interest, as the case may be, is held by a trustee of a trust, the relevant owner or person shall be the beneficiary of the trust administered by the trustee.

Subregulation 4

For the purposes of paragraph (3), if a person is a beneficiary of a trust (referred to in this paragraph as a first level trust entity) whose trustee holds (including by virtue of one or more applications of this paragraph), in its capacity as trustee of the first level trust entity, interests of another trust (referred to in this paragraph as a second level trust entity), then the person is taken to beneficially own interests of the second level trust entity; and the percentage which the value of those interests bears to the total value of all interests of the second level trust entity shall be computed in accordance with the following formula:where Ais the percentage which the value of the interest of the first level trust entity beneficially owned by the person bears to the total value of all interests of the first level trust entity; andBis the percentage which the value of the interest of the second level trust entity beneficially owned by the trustee of the first level trust entity bears to the total value of all interests of the second level trust entity.

Subregulation 5

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021S 707/2024 wef 20/02/2018S 707/2024 wef 31/12/2021S 707/2024 wef 07/07/2010S 707/2024 wef 31/12/2021

In this regulation —

Definition

“approved 1st tier SPV”, means a 1st tier SPV, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021

Definition

“approved 2nd tier SPV” means a 2nd tier SPV, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021

Definition

“approved eligible SPV” means an eligible SPV, as defined under section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 19/02/2019S 707/2024 wef 31/12/2021

Definition

“approved feeder fund” means a feeder fund, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 31/12/2021

Definition

“approved master-feeder fund structure” means a master-feeder fund structure, as defined under section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 31/12/2021

Definition

“approved master-feeder fund-SPV structure” means a master-feeder fund-SPV structure, as defined under section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021

Definition

“approved master fund” means a master fund, as defined under section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 31/12/2021

Definition

“approved master fund-SPV structure” means a master fund-SPV structure, as defined under section 13U(5) of the Act, that is approved under section 13U of the Act;

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021

Definition

“SPV” has the meaning given by section 13U(5) of the Act;

Amended byS 707/2024 wef 01/04/2015S 707/2024 wef 31/12/2021

Definition

“taxable entity” has the meaning given by section 13U(5) of the Act;

Amended byS 707/2024 wef 20/02/2018S 707/2024 wef 31/12/2021

Definition

“trust fund” has the meaning given by section 13U(5) of the Act.

Amended byS 707/2024 wef 07/07/2010S 707/2024 wef 31/12/2021

Regulation 6

Definition of associate

Amended byS 935/2022 wef 31/12/2021S 646/2013 wef 01/04/2009S 646/2013 wef 01/04/2009S 646/2013 wef 01/04/2009S 935/2022 wef 31/12/2021

Subregulation 1

Amended byS 935/2022 wef 31/12/2021

For the purposes of section 13O of the Act and subject to paragraph (2), a person (“P1”) is an associate of another person (“P2”), where P1 or P2 are neither designated persons nor individuals —

(a)

where P1 is a company and —

(i)

where P2 is another company —

(A)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(B)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(C)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2;

(ii)

where P2 is a company and a beneficiary of a trust —

(A)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(B)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(C)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2; and

(b)

where P1 is a company and is a beneficiary of a trust (“T1”) and where P2 is a company and is a beneficiary of another trust (“T2”) —

(i)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(ii)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(iii)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2.

Subregulation 2

Amended byS 646/2013 wef 01/04/2009S 646/2013 wef 01/04/2009S 646/2013 wef 01/04/2009S 935/2022 wef 31/12/2021

Notwithstanding anything in paragraph (1), P1 is not an associate of P2 in the following cases:

(a)

where —

(i)

either P1 or P2 is an entity listed on an exchange in Singapore or elsewhere;

(ii)

P1 does not beneficially own, directly or indirectly, at least 25% of the total value of the issued securities of P2; and

(iii)

P2 does not beneficially own, directly or indirectly, at least 25% of the total value of the issued securities of P1; (b)where —

(i)

no third person (other than an individual or a designated person) beneficially owns, directly or indirectly, at least 25% of the total value of issued securities of P1 and at least 25% of the total value of issued securities of P2; and

(ii)

at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2 are owned either directly by an individual or a designated person, or indirectly through a nominee company or a trust fund by an individual or a designated person; or

(c)

where P1 is an approved person under section 13U of the Act which, at all times during the basis period for the year of assessment for which the income of an approved company is exempt from tax under section 13O of the Act —

(i)

beneficially owns directly any of the issued securities of the approved company; and

(ii)

satisfies all the conditions in regulation 3(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 414/2010).

Regulation 7

Annual statement and annual declaration

Amended byS 707/2024 wef 19/02/2019S 707/2024 wef 19/02/2019S 935/2022 wef 06/12/2022S 345/2012 wef 01/09/2007S 935/2022 wef 31/12/2021S 935/2022 wef 31/12/2021S 935/2022 wef 31/12/2021S 935/2022 wef 06/12/2022S 383/2016 wef 14/07/2014S 345/2012 wef 01/09/2007S 345/2012 wef 01/04/2009S 935/2022 wef 31/12/2021

Subregulation 1

Where an approved company derives in any basis period any income exempt from tax under regulation 3, any fund manager of the approved company shall issue to every relevant owner of the approved company a statement for the basis period.

Subregulation 2

The statement issued under paragraph (1) shall include —

(a)

the gains or profits as reflected in the audited account of the approved company for the basis period;

(b)

the total value of the issued securities of the approved company on the relevant day;

(c)

the total value of the issued securities of the approved company held by the relevant owner on the relevant day; and

(d)

whether the number of relevant owners of the approved company is less than 10 on the relevant day.

Subregulation 2A

Amended byS 707/2024 wef 19/02/2019

Where the statement mentioned in paragraph (1) relates to the year of assessment 2020 or any subsequent year of assessment, the statement may be issued by way of the fund manager making the statement available on the fund manager’s website.

Subregulation 2B

Amended byS 707/2024 wef 19/02/2019

If the fund manager issues the statement in the manner described in paragraph (2A), the fund manager must include, on the website or in offering documents of the issued securities, a statement of a relevant owner’s obligation under paragraph (5).

Subregulation 3

Amended byS 935/2022 wef 06/12/2022

The Minister or an authorised body may, in any particular case, waive the requirement under paragraph (1), subject to such conditions as the Minister or authorised body may impose.

Subregulation 4

Amended byS 345/2012 wef 01/09/2007S 935/2022 wef 31/12/2021

Any fund manager of the approved company shall, within one month after the date of issue of the audited account of the approved company relating to any basis period in which the relevant day falls or such extended time as the Comptroller may allow —

(a)

submit a declaration to the Comptroller, in such form as the Comptroller may specify, where the approved company has any relevant owner to whom section 13O(3) of the Act applies for the basis period; and

(b)

provide such details of the relevant owner as may be specified by the Comptroller.

Subregulation 5

Amended byS 935/2022 wef 31/12/2021

Where a relevant owner is liable to pay to the Comptroller a penalty under section 13O of the Act, he shall declare the amount of penalty liable to be paid in its return of income for the year of assessment relating to the basis period of the relevant owner in which the relevant day falls.

Subregulation 6

Amended byS 935/2022 wef 31/12/2021S 935/2022 wef 06/12/2022S 383/2016 wef 14/07/2014

An approved company shall submit an annual declaration to the Monetary Authority of Singapore, in such form and within such time as the Comptroller or the Monetary Authority of Singapore may specify, that it has met, for each basis period, the conditions —

(a)

subject to which the Minister or an authorised body approved the company under section 13O(1) of the Act; and

(b)

specified in regulation 3.

Subregulation 7

Amended byS 345/2012 wef 01/09/2007S 345/2012 wef 01/04/2009S 935/2022 wef 31/12/2021

Paragraphs (1) and (4) shall not apply where the relevant owner is another approved company under section 13O of the Act referred to in regulation 5(1)(e) or an approved person under section 13U of the Act referred to in regulation 5(1)(f), as the case may be.

Regulation 8

Repealed / deleted

[Deleted by S 707/2024 wef 12/09/2024]

Common questions

What is Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010?: Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S8-2010 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 still in force?: Yes — Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 is currently in force.
When did Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 take effect?: Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 was first recorded in 1947.
How many regulations does Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 have?: Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 contains 8 regulations.
Where can I read the official version of Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010?: The official text of Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 is published at sso.agc.gov.sg.