Singapore legislation
Regulation 6
Regulation 6
Exemption from tax of qualifying amount paid by approved person, etc., referred to in section 13U of Act
Subregulation 1
There shall be exempt from tax any qualifying amount liable to be paid by an approved person within the meaning of section 13U 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 conditions in regulation 3(2)(a), (c), (d) and (e) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (G.N. No. S 414/2010) are satisfied in relation to the approved person throughout that basis period, being the first time that all of those conditions are satisfied in relation to the approved person throughout a basis period;
a basis period immediately following another basis period, where all of those conditions are satisfied in relation to the approved person throughout that other basis period.
Subregulation 2
For the purposes of sub‑paragraph (1) —
the reference in regulation 3(2)(a) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 to the basis period for the year of assessment for which income is exempt from tax under those Regulations shall be read as a reference to the basis period referred to in sub‑paragraph (1)(a) or (b), as the case may be; and
the reference in regulation 3(2)(c) of those Regulations to the year of assessment for which income is exempt from tax under those Regulations shall be read as a reference to the year of assessment to which the basis period referred to in sub‑paragraph (1)(a) or (b), as the case may be, relates.