Regulation 1
Citation
These Regulations may be cited as the Income Tax (Exemption of Income of Approved Venture Company) Regulations and shall have effect for the year of assessment 1994 and subsequent years of assessment.
/akn/sg/act/sub_leg/1947/ITA-RG22
Income Tax (Exemption of Income of Approved Venture Company) Regulations
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 5
Quick answer
About this subsidiary legislation
Income Tax (Exemption of Income of Approved Venture Company) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-RG22 1947, currently marked in force and first recorded in 1947.
Regulation 2
Exemption
Amended byS 678/2016 wef 27/12/2016S 221/2026 wef 19/02/2020S 306/2024 wef 31/12/2021S 678/2016 wef 27/12/2016S 306/2024 wef 12/04/2024S 306/2024 wef 12/04/2024
Subregulation 1
Amended byS 678/2016 wef 27/12/2016S 221/2026 wef 19/02/2020S 306/2024 wef 31/12/2021
Subject to these Regulations and section 13G of the Act, the specified income of an approved venture company derived by it from any authorised investment shall be exempt from tax.
Subregulation 2
Amended byS 678/2016 wef 27/12/2016S 306/2024 wef 12/04/2024
The exemption from tax under paragraph (1) in respect of the approved venture company shall be for such period as the Minister, or an authorised body, may specify.
Subregulation 3
Amended byS 306/2024 wef 12/04/2024
Paragraph (1) shall apply in relation to an approved venture company from such date as the Minister, or an authorised body, may specify.
Regulation 3
Computation of gains or losses from disposal of authorised investment
Amended byS 221/2026 wef 01/04/2020
In computing the gains or losses of an approved venture company from the disposal of any authorised investment for the purpose of determining the specified income of the company under these Regulations, authorised investment purchased by the company on an earlier date is treated as having been disposed of first.
Regulation 4
Specified income if derived before 1 April 2020
Amended byS 221/2026 wef 01/04/2020S 221/2026 wef 31/12/2021
Subregulation 1
In these Regulations, the following income of an approved venture company derived by it before 1 April 2020 from making authorised investments, is specified income of the company:
(a)
dividends derived from outside Singapore and received by the company in Singapore from authorised investments in any company not resident in Singapore;
(b)
interest derived from outside Singapore and received by the company in Singapore in respect of any approved convertible loan stock of a company not resident in Singapore;
(c)
gains or profits derived from Singapore or received by the company in Singapore from outside Singapore from the disposal of authorised investments.
Subregulation 2
Amended byS 221/2026 wef 01/04/2020S 221/2026 wef 31/12/2021
In paragraph (1), “authorised investments” has the meaning given by paragraph (a) of the definition of that term in section 13G(18) of the Act.
Regulation 5
Specified income if derived on or after 1 April 2020
Amended byS 221/2026 wef 31/12/2021S 221/2026 wef 01/04/2020
Subregulation 1
In these Regulations, the following income of an approved venture company derived by it on or after 1 April 2020 from making authorised investments, is specified income of the company:
(a)
income or gains derived from those authorised investments;
(b)
gains or profits derived from the disposal of those authorised investments.
Subregulation 2
However, paragraph (1) does not apply to any income or gain from making authorised investments that is —
(a)
derived or deemed to be derived from Singapore; and
(b)
paid out of income of a company formed under the laws of any state of the United States of America as a limited liability company, or under the laws of any other foreign country as a limited liability company or its equivalent, being income on which tax is paid or payable in Singapore.
Subregulation 3
Amended byS 221/2026 wef 31/12/2021
The following are “authorised investments” for the purposes of paragraph (b) of the definition of that term in section 13G(18) of the Act:
(a)
stocks and shares of any company, other than a company that is —
(i)
in the business of the trading or holding of Singapore immovable properties (other than the business of property development); and
(ii)
not listed on a stock exchange in Singapore or elsewhere;
(b)
bonds, notes, commercial papers, treasury bills and certificates of deposit, but excluding those that are not qualifying debt securities and that are issued by any company that is —
(i)
in the business of the trading or holding of Singapore immovable properties (other than the business of property development); and
(ii)
not listed on a stock exchange in Singapore or elsewhere;
(c)
deposits held with any financial institution;
(d)
foreign exchange transactions;
(e)
interest rate or currency contracts on a forward basis, interest rate or currency options, interest rate or currency swaps, and any financial derivative relating to any authorised investment specified in this paragraph, or any financial index;
(f)
loans, credit facilities and advance payments, but excluding loans, credit facilities and advance payments that are —
(i)
granted to any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development);
(ii)
used to finance or re-finance the acquisition of Singapore immovable properties; or
(iii)
used to acquire stocks, shares, debt or any other securities, that are issued by any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development);
(g)
membership or similar interests in a company formed under the laws of any state of the United States of America as a limited liability company, or under the laws of any other foreign country as a limited liability company or its equivalent, that does not carry on any trade, business, profession or vocation in Singapore;
(h)
accounts receivables and letters of credits.
Subregulation 4
Amended byS 221/2026 wef 01/04/2020
In this regulation, “financial derivative” and “qualifying debt securities” have the meanings given by section 13(16) of the Act.
Common questions
- What is Income Tax (Exemption of Income of Approved Venture Company) Regulations?
- Income Tax (Exemption of Income of Approved Venture Company) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-RG22 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Exemption of Income of Approved Venture Company) Regulations still in force?
- Yes — Income Tax (Exemption of Income of Approved Venture Company) Regulations is currently in force.
- When did Income Tax (Exemption of Income of Approved Venture Company) Regulations take effect?
- Income Tax (Exemption of Income of Approved Venture Company) Regulations was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Income of Approved Venture Company) Regulations have?
- Income Tax (Exemption of Income of Approved Venture Company) Regulations contains 5 regulations.
- Where can I read the official version of Income Tax (Exemption of Income of Approved Venture Company) Regulations?
- The official text of Income Tax (Exemption of Income of Approved Venture Company) Regulations is published at sso.agc.gov.sg.