Singapore legislation
Regulation 104A
Regulation 104A
Acquisition by real estate investment trust
Subregulation 1
A taxable supply of immovable property shall be a prescribed supply for the purpose of section 38(5) of the Act if it is made by any person —
to the trustee of a real estate investment trust, where the real estate investment trust —
is listed on the Singapore Exchange; or (ii)is to be listed on the Singapore Exchange —
within one month beginning on the day on which the supply takes place; or
within such longer period, and on such terms and conditions as the Comptroller may specify; or
to a special purpose vehicle of a real estate investment trust that satisfies the conditions specified in sub-paragraph (a), where —
the special purpose vehicle is a taxable person; and
the trustee of the real estate investment trust has veto rights in relation to such key operational issues of the special purpose vehicle as the Comptroller may specify.
Subregulation 1A
A taxable supply of furniture, furnishings, fittings, appliances or effects, that is made together with a taxable supply of immovable property mentioned in paragraph (1), is a prescribed supply for the purpose of section 38(5) of the Act.
Subregulation 2
In this regulation —
Definition
“real estate investment trust” means a trust that is constituted as a collective investment scheme authorised under section 286 of the Securities and Futures Act 2001 and that invests or proposes to invest, directly or indirectly, in any immovable property or immovable property-related assets;
Definition
“special purpose vehicle” means —
a company or limited liability partnership that is established solely to hold, directly or indirectly, any immovable property or immovable property-related asset in which the real estate investment trust invests or proposes to invest; or
a trust that is established in order for its trustee to hold, directly or indirectly, any immovable property or immovable property-related asset in which the real estate investment trust invests or proposes to invest.