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Recovery of tax from partner of approved partnership

Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010

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—(1) Where in any period to which the account of an approved partnership (including one that is a limited partnership or limited liability partnership) is made up to, the approved partnership fails to comply with any condition imposed under these Regulations, the following is deemed to be income, during the basis period for the year of assessment in which the Comptroller discovers such non-compliance, of each partner or former partner of the approved partnership who had previously enjoyed the exemption from tax:(a)where the partner or former partner is a company, an amount equal to the aggregate of the relevant amount for every year of assessment relating to a basis period any time during which any such condition is not complied with; (b)where the partner or former partner is an individual, an amount equal to the aggregate of the full amount of the partner or former partner’s share of the specified income of the approved partnership that is exempt from tax under regulation 3 for every year of assessment relating to a basis period any time during which any such condition is not complied with.(2) The amount of tax to be recovered from a partner or former partner which is a company shall be computed by multiplying the amount as determined under paragraph (1)(a) by the rate of tax under section 43(1)(a) of the Act for the year of assessment in which the Comptroller discovers the non-compliance.(3) In paragraph (1)(a), the relevant amount for any year of assessment is to be ascertained in accordance with the formulawhere Ais the full amount of the partner or former partner’s share of the specified income of the approved partnership that is exempt from tax under regulation 3 for that year of assessment;Bis the rate of tax under section 43(1)(a) of the Act applicable to the partner or former partner’s share of the specified income of the approved partnership for that year of assessment if that share were not exempt from tax under regulation 3;Cis the rate of tax under section 43(1)(a) of the Act applicable to the partner or former partner’s share of the specified income of the approved partnership for the year of assessment in which the Comptroller discovers the non-compliance, if that share were not exempt from tax under regulation 3.(4) This regulation applies in relation to the following limited partnerships as it applies in relation to an approved limited partnership:(a)a limited partnership which is the approved master fund or an approved feeder fund of an approved master-feeder fund structure mentioned in section 13U(1)(b) of the Act;(b)a limited partnership which is the approved master fund or an approved feeder fund of an approved master-feeder fund-SPV structure mentioned in section 13U(1)(c)(i) of the Act;(ba)a limited partnership which is an approved eligible SPV of an approved master-feeder fund-SPV structure mentioned in section 13U(1)(c)(v) of the Act;(c)a limited partnership which is the approved master fund of an approved master fund-SPV structure mentioned in section 13U(1)(d)(i) of the Act;(d)a limited partnership which is an approved eligible SPV of an approved master fund-SPV structure mentioned in section 13U(1)(d)(v) of the Act.(5) This regulation applies in relation to the following as it applies in relation to an approved partnership (excluding an approved limited partnership but including an approved limited liability partnership):(a)a partnership (excluding a limited partnership but including a limited liability partnership) which is the approved master fund or an approved feeder fund of an approved master-feeder fund structure mentioned in section 13U(1)(b)(ii) of the Act;(b)a partnership (excluding a limited partnership but including a limited liability partnership) which is an approved feeder fund of an approved master-feeder fund-SPV structure mentioned in section 13U(1)(c)(ib) of the Act;(c)a partnership (including a limited liability partnership but excluding a limited partnership) which is an approved eligible SPV of an approved master-feeder fund-SPV structure mentioned in section 13U(1)(c)(v) of the Act;(d)a partnership (including a limited liability partnership but excluding a limited partnership) which is an approved eligible SPV of an approved master fund-SPV structure mentioned in section 13U(1)(d)(v) of the Act.

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