Singapore legislation

Regulation 6

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

Regulation 6

Definition of associate

Amended byS 934/2022 wef 31/12/2021S 644/2013 wef 01/04/2009S 644/2013 wef 01/04/2009S 644/2013 wef 01/04/2009S 723/2025 wef 01/04/2015S 934/2022 wef 31/12/2021S 723/2025 wef 24/11/2025

Subregulation 1

Amended byS 934/2022 wef 31/12/2021

For the purposes of section 13D of the Act and subject to paragraph (2), a person (“P1”) is an associate of another person (“P2”), where P1 or P2 are neither designated persons nor individuals —

(a)

where P1 is a company and —

(i)

where P2 is another company —

(A)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(B)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(C)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2;

(ii)

where P2 is a company and a beneficiary of a trust —

(A)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(B)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(C)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2; and

(b)

where P1 is a company and is a beneficiary of a trust (T1) and where P2 is a company and is a beneficiary of another trust (T2) —

(i)

P1 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P2;

(ii)

P2 beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1; or

(iii)

a third person beneficially owns, directly or indirectly, at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2.

Subregulation 2

Amended byS 644/2013 wef 01/04/2009S 644/2013 wef 01/04/2009S 644/2013 wef 01/04/2009S 723/2025 wef 01/04/2015S 934/2022 wef 31/12/2021S 723/2025 wef 24/11/2025

Notwithstanding anything in paragraph (1), P1 is not an associate of P2 in the following cases:

(a)

where —

(i)

either P1 or P2 is an entity listed on an exchange in Singapore or elsewhere;

(ii)

P1 does not beneficially own, directly or indirectly, at least 25% of the total value of the issued securities of P2; and

(iii)

P2 does not beneficially own, directly or indirectly, at least 25% of the total value of the issued securities of P1; (b)where —

(i)

no third person (other than an individual or a designated person) beneficially owns, directly or indirectly, at least 25% of the total value of issued securities of P1 and at least 25% of the total value of issued securities of P2; and

(ii)

at least 25% of the total value of the issued securities of P1 and at least 25% of the total value of the issued securities of P2 are owned either directly by an individual or a designated person, or indirectly through a nominee company or a trust fund by an individual or a designated person; or

(c)

where P1 is an approved person under section 13U of the Act which, at all times during the basis period for the year of assessment for which the income of a prescribed person is exempt from tax under section 13D of the Act —

(i)

beneficially owns directly —

(A)

if the prescribed person is a company, any of the issued securities of the company; or

(B)

if the prescribed person is a trustee of a trust fund, any part of the trust fund; and

(ii)

satisfies all the conditions in regulation 3(2) of the Section 13U SL.

Read in full context — Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 →