Comparison View

Exit Comparison View
Formal Consolidation |  2014 RevEd
Exemption of income arising from funds managed by fund manager in Singapore
13X.—(1)  Subject to such conditions as may be prescribed by regulations or specified in the letter of approval of the person, master fund, feeder fund or master-feeder fund structure, there shall be exempt from tax such income as the Minister may by regulations prescribe of —
(a)an approved person arising from funds managed in Singapore by a fund manager; or
(b)a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership is the approved master fund or an approved feeder fund of an approved master-feeder fund structure, arising from funds of the master fund or any feeder fund of that structure that are managed in Singapore by a fund manager.
[27/2009; 29/2010; 22/2011]
(2)  Approval under subsection (1)(a) may be granted during the period from 1st April 2009 to 31st March 2014 (both dates inclusive).
[27/2009; 29/2010]
(2A)  Approval under subsection (1)(b) may be granted during the period from 7th July 2010 to 31st March 2014 (both dates inclusive).
[29/2010]
(3)  Where the income of any approved person or company, trustee or partner referred to in subsection (1)(b) is not exempt from tax under this section, sections 13C, 13CA and 13R shall not apply to that income notwithstanding anything in those provisions.
[27/2009; 29/2010]
(4)  Regulations made under subsection (1) may —
(a)provide for the determination of the amount of income of any approved person or company, trustee or partner referred to in subsection (1)(b) to be exempt from tax;
(b)provide for the deduction of expenses, allowances and losses of any approved person or company, trustee or partner referred to in subsection (1)(b) otherwise than in accordance with this Act;
(c)where the approved person is a partner of an approved limited partnership, provide for the recovery of tax from him in a case where the exemption ought not to have been allowed to that partner due to non-compliance with any condition imposed on the limited partnership, including the deeming of a specified amount as income of the partner for the year of assessment in which the Comptroller discovers the non‑compliance of the condition;
(ca)provide for the recovery of tax from a company or a trustee of a trust fund referred to in subsection (1)(b) in a case where the exemption ought not to have been allowed to the company or trustee due to non-compliance with any condition imposed on the approved master-feeder fund structure;
(cb)provide for the recovery of tax from a partner of a limited partnership referred to in subsection (1)(b) in a case where the exemption ought not to have been allowed to that partner due to non-compliance with any condition imposed on the approved master-feeder fund structure, including the deeming of a specified amount as income of the partner for the year of assessment in which the Comptroller discovers the non-compliance of the condition; and
(d)make provision generally for giving full effect to or for carrying out the purposes of this section.
[27/2009; 29/2010; 29/2012]
(5)  In this section —
“approved” means approved by the Minister or such person as he may appoint;
“approved CPF unit trust” has the same meaning as in section 35(14);
“approved person” means any approved company, any partner of an approved limited partnership or any trustee of an approved trust fund;
“designated unit trust” means any unit trust designated under section 35(14);
“feeder fund” means a company, trust fund or limited partnership that invests its funds substantially and directly through only one master fund;
“master-feeder fund structure” means one or more feeder funds and the master fund through which the funds of the feeder fund or funds are substantially and directly invested;
“master fund” means a company, trust fund or limited partnership that enables investors to invest funds in one or more underlying investments that are managed by a fund manager;
“real estate investment trust” has the same meaning as in section 43(10);
“trust fund” does not include any trust that is a pension or provident fund approved by the Comptroller under section 5, approved CPF unit trust, designated unit trust and real estate investment trust.
[27/2009; 29/2010]
Informal Consolidation | Amended Act 34 of 2016
Exemption of income arising from funds managed by fund manager in Singapore
13X.—(1)  Subject to such conditions as may be prescribed by regulations or specified in the letter of approval of the person, master fund, feeder fund, master‑feeder fund structure, master‑feeder fund‑SPV structure or master fund‑SPV structure, there shall be exempt from tax such income as the Minister may by regulations prescribe of —
(a)an approved person arising from funds managed in Singapore by a fund manager;
[Act 2 of 2016 wef 01/04/2015]
(b)a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership is the approved master fund or an approved feeder fund of an approved master-feeder fund structure, arising from funds of the master fund or any feeder fund of that structure that are managed in Singapore by a fund manager;
[27/2009; 29/2010; 22/2011]
[Act 2 of 2016 wef 01/04/2015]
(c)in relation to an approved master‑feeder fund‑SPV structure —
(i)a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership is the approved master fund or an approved feeder fund of the structure;
(ii)an approved 1st tier SPV of the structure; and
(iii)an approved 2nd tier SPV of the structure,
arising from funds of the master fund or any feeder fund of the structure that are managed in Singapore by a fund manager; or
[Act 2 of 2016 wef 01/04/2015]
(d)in relation to an approved master fund‑SPV structure —
(i)a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or limited partnership is the approved master fund of the structure;
(ii)an approved 1st tier SPV of the structure; and
(iii)an approved 2nd tier SPV of the structure,
arising from funds of the master fund of the structure that are managed in Singapore by a fund manager.
[Act 2 of 2016 wef 01/04/2015]
[Act 2 of 2016 wef 01/04/2015]
(2)  Approval under subsection (1)(a) may be granted during the period from 1st April 2009 to 31st March 2019 (both dates inclusive).
[27/2009; 29/2010]
[Act 37 of 2014 wef 01/04/2014]
(2A)  Approval under subsection (1)(b) may be granted during the period from 7th July 2010 to 31st March 2019 (both dates inclusive).
[29/2010]
[Act 37 of 2014 wef 01/04/2014]
(2B)  Approval under subsection (1)(c) and (d) may be granted during the period from 1 April 2015 to 31 March 2019 (both dates inclusive).
[Act 2 of 2016 wef 01/04/2015]
(3)  Where the income of any approved person or company, trustee, partner, 1st tier SPV or 2nd tier SPV referred to in subsection (1)(b), (c) or (d) is not exempt from tax under this section, sections 13C, 13CA and 13R shall not apply to that income notwithstanding anything in those provisions.
[27/2009; 29/2010]
[Act 2 of 2016 wef 01/04/2015]
(4)  Regulations made under subsection (1) may —
(a)provide for the determination of the amount of income of any approved person or company, trustee, partner, 1st tier SPV or 2nd tier SPV referred to in subsection (1)(b), (c) or (d) to be exempt from tax;
[Act 2 of 2016 wef 01/04/2015]
(b)provide for the deduction of expenses, allowances and losses of any approved person or company, trustee, partner, 1st tier SPV or 2nd tier SPV referred to in subsection (1)(b), (c) or (d) otherwise than in accordance with this Act;
[Act 2 of 2016 wef 01/04/2015]
(c)where the approved person is a partner of an approved limited partnership, provide for the recovery of tax from him in a case where the exemption ought not to have been allowed to that partner due to non-compliance with any condition imposed on the limited partnership, including the deeming of a specified amount as income of the partner for the year of assessment in which the Comptroller discovers the non‑compliance of the condition;
(ca)provide for the recovery of tax from a company, trustee, 1st tier SPV or 2nd tier SPV referred to in subsection (1)(b), (c) or (d) in a case where the exemption ought not to have been allowed to the person due to non‑compliance with any condition imposed on the approved master‑feeder fund structure, approved master‑feeder fund‑SPV structure or approved master fund‑SPV structure, as the case may be;
[Act 2 of 2016 wef 01/04/2015]
(cb)provide for the recovery of tax from a partner of a limited partnership referred to in subsection (1)(b), (c) or (d) in a case where the exemption ought not to have been allowed to that partner due to non‑compliance with any condition imposed on the approved master‑feeder fund structure, approved master‑feeder fund‑SPV structure or approved master fund‑SPV structure (as the case may be), including the deeming of a specified amount as income of the partner for the year of assessment in which the Comptroller discovers the non‑compliance with the condition; and
[Act 2 of 2016 wef 01/04/2015]
(d)make provision generally for giving full effect to or for carrying out the purposes of this section.
[27/2009; 29/2010; 29/2012]
(5)  In this section —
“1st tier SPV”, in relation to a master‑feeder fund‑SPV structure or a master fund‑SPV structure, means a special purpose vehicle wholly owned by the master fund of the structure;
[Act 2 of 2016 wef 01/04/2015]
“2nd tier SPV”, in relation to a master‑feeder fund‑SPV structure or a master fund‑SPV structure, means a special purpose vehicle wholly owned by a 1st tier SPV of the structure;
[Act 2 of 2016 wef 01/04/2015]
“approved” means approved by the Minister or such person as he may appoint;
[Deleted by Act 37 of 2014 wef 01/09/2014]
“approved person” means any approved company, any partner of an approved limited partnership or any trustee of an approved trust fund;
“designated unit trust” means any designated unit trust within the meaning of section 35(14) and whose income does not form part of the statutory income of its trustee by reason of section 35(12);
[Act 2 of 2016 wef 01/09/2014]
“feeder fund” means a company, trust fund or limited partnership that invests its funds substantially and directly through only one master fund;
“master-feeder fund structure” means an arrangement comprising one or more feeder funds and the master fund through which the funds of the feeder fund or funds are substantially and directly invested;
[Act 2 of 2016 wef 01/04/2015]
“master-feeder fund-SPV structure” means an arrangement comprising —
(a)one or more feeder funds;
(b)the master fund through which the funds of the feeder fund or funds are substantially and directly invested; and
(c)one or more SPVs;
[Act 2 of 2016 wef 01/04/2015]
“master fund-SPV structure” means an arrangement comprising —
(a)a master fund; and
(b)one or more SPVs;
[Act 2 of 2016 wef 01/04/2015]
“master fund” means a company, trust fund or limited partnership that enables investors to invest funds in one or more underlying investments that are managed by a fund manager;
“real estate investment trust” has the same meaning as in section 43(10);
“special purpose vehicle” or “SPV” —
(a)in relation to a master-feeder fund-SPV structure, means a company whose only activity is the holding of investments of the master and feeder funds of the structure; or
(b)in relation to a master fund-SPV structure, means a company whose only activity is the holding of investments of the master fund of the structure;
[Act 2 of 2016 wef 01/04/2015]
“trust fund” does not include any trust that is a pension or provident fund approved by the Comptroller under section 5, designated unit trust and real estate investment trust.
[27/2009; 29/2010]
[Act 37 of 2014 wef 01/09/2014]
Singapore Statutes Online
© 2024 Attorney-General's Chambers of Singapore,
Last updated 16 May 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.