Singapore legislation
Regulation 5
of Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007
Regulation 5
Deduction of certain losses not allowed
No deduction shall be allowed under the Act in respect of any philanthropic purpose trust or to any eligible holding company established for the purposes of the philanthropic purpose trust in respect of any loss arising from any transaction that would have been exempted from tax under regulation 4 had it resulted in a gain or profit.