Singapore legislation
Regulation 5
Regulation 5
Exemption from tax of qualifying amount paid by approved company referred to in section 13O of Act
There shall be exempt from tax any qualifying amount liable to be paid by an approved company within the meaning of section 13O of the Act to a person who is not resident in Singapore and does not have a permanent establishment in Singapore, if the payment is liable to be made on or after 15th October 2010 and during either of the following basis periods:
a basis period where all of the following conditions are satisfied throughout that basis period:
the company satisfies all the conditions in regulation 3(2) of the Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 8/2010);
the funds of the company are managed in Singapore by a fund manager, or by a person approved by the Minister or an authorised body,being the first time that all of those conditions are satisfied throughout a basis period;
a basis period immediately following another basis period, where all of those conditions are satisfied throughout that other basis period.