Singapore legislation
Regulation 8
of Income Tax (Tax Incentives for Partnerships) Regulations 2012
Regulation 8
Application of section 43N
Subregulation 1
Section 43N shall apply to the share of divisible income of a partner of an approved partnership which is an aircraft leasing partnership, from any activity referred to in section 43N(1) as it applies to the income of an approved aircraft leasing company with the modifications and exceptions set out in regulation 3 and this regulation.
Subregulation 2
For the purpose of paragraph (1), paragraph (3) shall apply in lieu of section 43N(5), and section 43N(6) shall be construed accordingly.
Subregulation 3
In determining the share of divisible income of a partner of an approved partnership that is subject to tax at the concessionary rate of tax under section 43N(1) —
the allowances under section 19, 19A, 20, 21, 22 or 23, as apportioned to that share, shall be taken into account notwithstanding that no claim for such allowances has been made;
the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of finance leasing in any year of assessment, as apportioned to the share of divisible income of the partner from finance leasing for that year of assessment, shall be deducted against that share, and any balance of the allowances shall not, subject to sub-paragraph (c), be available as a deduction against any other income of the partner or be available for transfer under section 37B;
where the approved partnership ceases to derive income from finance leasing in the basis period for any year of assessment, any balance of the allowances in respect of such finance leasing after the deduction against the share of divisible income of the partner from that finance leasing shall be available as a deduction against any other income of the partner for that year of assessment and for any subsequent year of assessment in accordance with section 23; and
the Comptroller shall determine the manner and extent to which —
allowance under section 19, 19A, 20, 21, 22 or 23, and any expense and donation allowable under the Act are to be deducted; and
any loss may be deducted under section 37.
Subregulation 4
In this regulation —
Definition
“aircraft leasing partnership” means a partnership registered under any written law in Singapore, carrying on a business of leasing aircrafts or aircraft engines within the meaning of section 43N;
Definition
“finance leasing” has the meaning given by section 43N.