Regulation 5

any reference in section 13G(6) and (7) to an approved venture company is a reference to a partner of an approved partnership;

any reference in section 13G(15) to an approved venture company is a reference to an approved partnership; and

paragraphs (3), (4) and (8) apply instead of section 13G(4) and (5).

any expenses in respect of such authorised investment of the approved partnership, allowable under the Act for that year of assessment which is apportioned to that share;

any loss of the approved partnership for that year of assessment arising from the disposal of any authorised investment in Singapore or elsewhere which is apportioned to that share;

any allowances for that year of assessment under section 19, 19A, 20, 21 or 22 which are apportioned to that share notwithstanding that no claim for the allowance has been made; and

any balance of the expenses, losses and allowances referred to in sub-paragraphs (a), (b) and (c) which have not been deducted in determining the share of divisible income of the partner from making any authorised investment for any previous year of assessment.

shall only be deducted against the income of the partner that is exempt from tax under regulations made under section 13G; and

shall not be available as a deduction against any other income of the partner, except that any balance of the expenses, allowances or losses remaining unabsorbed at the end of the period specified under section 13G(2A) shall be available as a deduction against any other income of the partner for the year of assessment which relates to the basis period in which the tax exemption ceases and for any subsequent year of assessment in accordance with section 23 or 37, as the case may be.