Regulation 7

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.

The statement issued under paragraph (1) shall include —

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.

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).

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.

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 —

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.

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 —

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.