Singapore legislation
Regulation 7
Regulation 7
Exemption from tax of qualifying amount paid by approved master fund or feeder fund referred to in section 13U of Act in relation to approved master-feeder fund structure
Subregulation 1
There is exempt from tax, in relation to an approved master-feeder fund structure, any qualifying amount liable to be paid by a person in the first column of the following table, on or after the date specified opposite that person in the second column of that table, to —
a person who is neither resident in Singapore nor has a permanent establishment in Singapore; or
a person who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore, where the qualifying amount is not liable to be paid in connection with any loan or indebtedness or with any arrangement, management, guarantee, or service relating to any loan or indebtedness undertaken or performed through that operation,during a basis period described in sub-paragraph (1A):First columnSecond columnPersonSpecified date1.A company that is the approved master fund or an approved feeder fund of the structure15 October 20102.A partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure(a)In the case of a payment to be made by a partner of a limited partnership — 15 October 2010(b)In the case of a payment to be made by a partner of a partnership other than a limited partnership in paragraph (a) — 20 February 20183.A trustee of a trust fund, where the trust fund is the approved master fund or an approved feeder fund of the structure15 October 20104.A taxable entity in relation to the approved master fund or an approved feeder fund of the structure, where the master fund or feeder fund (as the case may be) is not a legal entity20 February 2018
Subregulation 1A
The basis period is either of the following:
a basis period where all of the conditions in regulation 3A(2)(a), (c), (d) and (e) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied throughout that basis period in relation to the master fund and master-feeder fund structure, or the feeder fund and master-feeder fund structure (as the case may be), being the first time that all of those conditions are satisfied in relation to the master fund and master-feeder fund structure, or the feeder fund and master-feeder fund structure, as the case may be;
a basis period immediately following another basis period where all of those conditions (whichever is applicable) are satisfied throughout that other basis period in relation to the master fund and master-feeder fund structure, or the feeder fund and master-feeder fund structure, as the case may be.
Subregulation 2
For the purposes of sub-paragraph (1A) —
the reference in regulation 3A(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 (1A)(a) or (b), as the case may be; and
the reference in regulation 3A(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 (1A)(a) or (b), as the case may be, relates.
Subregulation 3
In this paragraph, “approved”, “feeder fund”, “master-feeder fund structure”, “master fund”, “taxable entity” and “trust fund” have the meanings given by section 13U(5) of the Act.