Singapore legislation

Regulation 3

of Income Tax (Exemption of Certain Income of Prescribed Sovereign Fund Entities and Approved Foreign Government-Owned Entities) Regulations 2012

Regulation 3

Prescribed sovereign fund entity

Amended byS 32/2023 wef 01/04/2010S 32/2023 wef 01/04/2010S 936/2022 wef 31/12/2021S 32/2023 wef 31/12/2021S 32/2023 wef 01/04/2010S 32/2023 wef 31/12/2021S 32/2023 wef 31/12/2021S 32/2023 wef 01/04/2010S 32/2023 wef 31/12/2021

Subregulation 1

Amended byS 32/2023 wef 01/04/2010S 32/2023 wef 01/04/2010S 936/2022 wef 31/12/2021

For the purposes of section 13V of the Act, a sovereign fund entity of a foreign country is a prescribed sovereign fund entity if —

(a)

the funds of the sovereign fund entity, being either of the following, are managed in Singapore by an approved foreign government-owned entity of that foreign country:

(i)

the funds of the government of that foreign country; (ii)the funds of a provident fund of that foreign country; and

(b)

apart from its investment activities in relation to the funds referred to in paragraph (a), the sovereign fund entity does not engage in any other commercial activity in Singapore.

Subregulation 2

Amended byS 32/2023 wef 31/12/2021S 32/2023 wef 01/04/2010S 32/2023 wef 31/12/2021

In paragraph (1), “foreign country” means —

(a)

in relation to a foreign government-owned entity — the foreign country referred to in paragraph (a), (b) or (c) (whichever is applicable) of the definition of “foreign government-owned entity” in section 13V(4) of the Act; or

(b)

in relation to a sovereign fund entity — the foreign country referred to in paragraph (a), (b), (c) or (d) (whichever is applicable) of the definition of “sovereign fund entity” in section 13V(4) of the Act.

Subregulation 3

Amended byS 32/2023 wef 31/12/2021S 32/2023 wef 01/04/2010S 32/2023 wef 31/12/2021

To avoid doubt —

(a)

in the case of a foreign government-owned entity mentioned in paragraph (d) of the definition of “foreign government-owned entity” in section 13V(4) of the Act, the foreign country is that mentioned in paragraph (c) of that definition; and

(b)

in the case of a sovereign fund entity mentioned in paragraph (e) of the definition of “sovereign fund entity” in section 13V(4) of the Act, the foreign country is that mentioned in paragraph (d) of that definition.

Read in full context — Income Tax (Exemption of Certain Income of Prescribed Sovereign Fund Entities and Approved Foreign Government-Owned Entities) Regulations 2012 →