Singapore legislation
Regulation 7
Regulation 7
Annual statement and annual declaration
Subregulation 1
Where a prescribed person derives in any basis period any income exempt from tax under regulation 3, any fund manager of the prescribed person shall issue to every relevant owner or relevant beneficiary, as the case may be, of the prescribed person or the trust fund for which the prescribed person is the trustee a statement for the basis period.
Subregulation 2
The statement issued under paragraph (1) shall include —
the gains or profits as reflected in the audited account of the prescribed person for the basis period;
the total value of the issued securities (the prescribed person being a company), or the total value of the trust fund (the prescribed person being the trustee of the trust fund), as the case may be, on the relevant day;
the total value of the issued securities (the prescribed person being a company), or the total value of the trust fund (the prescribed person being the trustee of the trust fund), as the case may be, held by the relevant owner or relevant beneficiary, as the case may be, on the relevant day; and
whether the number of relevant owner or relevant beneficiary, as the case may be, of the prescribed person or the trust fund for which the prescribed person is the trustee is less than 10 on the relevant day.
Subregulation 2A
Where the statement mentioned in paragraph (1) relates to the year of assessment 2020 or any subsequent year of assessment, the statement may be issued by way of the fund manager making it available on the fund manager’s website.
Subregulation 2B
If the fund manager issues the statement in the manner described in paragraph (2A), the fund manager must include, on the website or in offering documents of the issued securities, a statement of a relevant owner’s or relevant beneficiary’s obligation under paragraph (5).
Subregulation 3
The Minister or an authorised body may, in any particular case, waive the requirement under paragraph (1), subject to such conditions as the Minister or authorised body may impose.
Subregulation 4
Any fund manager of the prescribed person shall, within one month after the date of issue of the audited account of the prescribed person relating to any basis period in which the relevant day falls or such extended time as the Comptroller may allow —
submit a declaration to the Comptroller, in such form as the Comptroller may specify, where the prescribed person or the trust fund for which the prescribed person is the trustee has any relevant owner or relevant beneficiary to whom section 13D(2) or (4) of the Act applies for the basis period; and
provide such details of the relevant owner or relevant beneficiary as may be specified by the Comptroller.
Subregulation 5
Where a relevant owner or relevant beneficiary is liable to pay to the Comptroller a penalty under section 13D of the Act, he shall declare the amount of penalty liable to be paid in its return of income for the year of assessment relating to the basis period of the relevant owner or relevant beneficiary in which the relevant day falls.
Subregulation 6
Paragraphs (1) and (4) shall not apply where the relevant owner or the relevant beneficiary is an approved company under section 13O of the Act referred to in regulation 5(1)(e) or an approved person under section 13U of the Act referred to in regulation 5(1)(f), as the case may be.