Regulation 7B

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 (2):First columnSecond columnPersonSpecified date1.A company incorporated in Singapore, a trustee of a trust fund (being a trust fund constituted in Singapore) or a partner of a limited partnership registered in Singapore, where the company, trust fund or limited partnership (as the case may be) is the approved master fund of the structure1 April 20152.An approved 1st tier SPV of the structure, that is a company1 April 20153.An approved 2nd tier SPV of the structure, that is a company1 April 20154.An approved eligible SPV of the structure, that is a person (not being a company, an individual or a Hindu joint family)19 February 20195.An approved eligible SPV of the structure, where the eligible SPV is not one mentioned in items 4, 6, 7 and 819 February 20196.A partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership)19 February 20197.The trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund19 February 20198.The taxable entity of an approved eligible SPV of the structure, where the eligible SPV is not a legal entity19 February 2019

a basis period where all of the conditions in regulation 3C(2)(a), (b), (d), (e) and (f) 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 fund-SPV structure, or the SPV and master fund-SPV 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 fund-SPV structure or the SPV and master fund-SPV 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 fund-SPV structure, or the SPV and master fund-SPV structure, as the case may be.

the reference in regulation 3C(2)(a) and (b)(i), (ii) and (iii) 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 is to the basis period referred to in sub-paragraph (2)(a) or (b), as the case may be; and

the reference in regulation 3C(2)(d) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 to the year of assessment for which income is exempt from tax under those Regulations is to the year of assessment to which the basis period referred to in sub-paragraph (2)(a) or (b), as the case may be, relates.