Income Tax Act |
Income Tax (Exemption of Income of Approved Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 |
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Citation and commencement |
1. These Regulations may be cited as the Income Tax (Exemption of Income of Approved Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 and shall be deemed to have come into operation on 1st April 2009. |
Definitions |
2. In these Regulations —
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Exemption from tax under section 13X of Act |
No deduction in respect of loss arising from designated investments |
4. Notwithstanding anything in these Regulations, no deduction shall be allowed under the Act to an approved person in respect of any loss arising from —
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Determination of income exempted from tax |
5. In determining the income of an approved person to be exempt from tax under regulation 3 —
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Recovery of tax from partner of approved limited partnership |
6.—(1) Where in any period to which the account of an approved limited partnership is made up to, the approved limited partnership fails to comply with any condition imposed under these Regulations, there shall be deemed to be income of each partner or former partner of that limited partnership who had previously enjoyed the exemption from tax for the year of assessment in which the Comptroller discovers such non-compliance —
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Annual declaration |
7.—(1) An approved company or the trustee of an approved trust fund, shall, within 4 months after the end of the basis period of the approved company or the trustee of the approved trust fund (in relation to his income as such trustee) or within such time as the Comptroller or the Monetary Authority of Singapore may specify, submit a declaration to the Comptroller and the Monetary Authority of Singapore, in such form as the Comptroller or the Monetary Authority of Singapore may specify, that the following conditions have been met for the basis period:
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Permanent Secretary, Ministry of Finance, Singapore. |
[MFR 032.19.4 Vol. 34; AG/LLRD/SL/134/2005/54 Vol. 1] |
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