Singapore legislation
Regulation 8
Regulation 8
Exemption from tax of qualifying amount paid by sovereign fund entity referred to in section 13V of Act
Subregulation 1
There shall be exempt from tax any qualifying amount liable to be paid by a sovereign fund entity within the meaning of section 13V 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 funds of the sovereign fund entity are managed by an approved foreign government-owned entity within the meaning of section 13V of the Act as part of the funds of the foreign government;
the sovereign fund entity does not engage in any commercial activity in Singapore apart from that in sub-paragraph (i);
the approved foreign government-owned entity satisfies all the conditions specified in its letter of approval referred to in regulation 4 of the Income Tax (Exemption of Certain Income of Prescribed Sovereign Fund Entities and Approved Foreign Government-Owned Entities) Regulations 2012 (G.N. No. S 50/2012),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.
Subregulation 2
In this paragraph, “foreign government”, in relation to an approved foreign government-owned entity, means the foreign government that wholly and beneficially owns, whether directly or indirectly, the entity.