| Income Tax Act |
| Income Tax (Exemption of Relevant Income of Eligible Family-owned Investment Holding Company) Regulations 2009 |
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| Citation and commencement |
| 1. These Regulations may be cited as the Income Tax (Exemption of Relevant Income of Eligible Family-owned Investment Holding Company) Regulations 2009 and shall be deemed to have come into operation on 1st April 2008. |
| Definitions |
| Conditions for exemption |
3.—(1) The prescribed conditions for the purpose of the definition of “eligible family-owned investment holding company” in section 13W of the Act, which shall be satisfied throughout the basis period for the year of assessment in question, are as follows:
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| Deduction of certain losses not allowed |
| 4. Any expenses in excess of the relevant income of an eligible family-owned investment holding company shall not be set-off against or be allowable as a loss against any income of the company that is chargeable to tax and shall be disregarded. |
| Annual declaration |
5.—(1) An eligible family-owned investment holding company shall submit an annual declaration in accordance with paragraph (2) that the conditions for exemption under section 13W of the Act are satisfied.
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Made this 20th day of May 2009.
Permanent Secretary, Ministry of Finance, Singapore. |
| [R32.7.2615 V.1; AG/LEG/SL/134/2005/44 Vol. 1] |