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Conditions of exemption under section 13M of Act

Income Tax (Exemption of Income of Approved Securitisation Company) Regulations 2008

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The conditions prescribed for the purposes of section 13M(1) of the Act are —(a)unless otherwise approved by the Minister or an authorised body, the issued share capital of the approved securitisation company — (i)in the case where it is a Special Purpose Reinsurance Vehicle that is approved as an approved securitisation company on or after 20 December 2018 — must be at least $20,000; or (ii)in any other case — must not exceed $10,000;(b)all of the issued shares of the approved securitisation company shall be held by a trust administered by a trust company in Singapore for the benefit of one or more organisations or institutions established for charitable, benevolent or philanthropic purposes;(c)the approved securitisation company shall not have a profit-making motive; (d)the approved securitisation company shall not carry out any activity other than the asset securitisation transaction in respect of which it has been granted approval as an approved securitisation company, and activities ancillary to the asset securitisation transaction;(e)the approved securitisation company shall not carry out the asset securitisation transaction in respect of which it has been granted approval as an approved securitisation company with tax avoidance as its main purpose or as one of its main purposes;(f)all transactions entered into by the approved securitisation company shall be entered into at arm’s length;(g)any cross-currency or interest rate swap carried out by the approved securitisation company shall be transacted with a swap counterparty in Singapore;(h)all of the debt securities issued before 16th February 2008 by the approved securitisation company shall be qualifying debt securities; (i)unless otherwise approved by the Minister or an authorised body, the total amount of all qualifying debt securities issued by the approved securitisation company in relation to the asset securitisation transaction in respect of which it has been granted approval as an approved securitisation company shall not be less than S$20 million; (j)unless otherwise approved by the Minister or an authorised body, the total amount of the issued qualifying debt securities beneficially held or funded, directly or indirectly, at any time during the life of the issue, by every originator of the approved asset securitisation company and every related party of an originator shall be less than 30% of those securities which are outstanding at any time during the life of the issue; and (k)the approved securitisation company shall, in relation to any basis period or part thereof in respect of which the exemption is claimed, furnish a declaration to the Comptroller —(i)in such form as the Comptroller or the Monetary Authority of Singapore may specify;(ii)together with its return of income for the year of assessment relating to that basis period;(iii)within the period specified under section 62 of the Act for its return of income; and(iv)stating that, for the basis period or part thereof in respect of which the exemption is claimed —(A)the approved securitisation company was resident in Singapore;(B)the approved securitisation company was a company incorporated in Singapore; and(C)the conditions specified in paragraphs (a) to (j) were satisfied.(l)[Deleted by S 930/2022 wef 06/12/2022]

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