Income Tax (Exemption of Foreign Income) (Amendment) Order 2019

Status:

Published in Subsidiary Legislation Supplement
on 22 Jul 2019

No. S 504

Income Tax Act

(CHAPTER 134)

Income Tax
(Exemption of Foreign Income)
(Amendment) Order 2019

In exercise of the powers conferred by section 13(12) of the Income Tax Act, the Minister for Finance makes the following Order:

Citation

1. This Order is the Income Tax (Exemption of Foreign Income) (Amendment) Order 2019.

Amendment of paragraph 2

2. Paragraph 2 of the Income Tax (Exemption of Foreign Income) (No. 4) Order 2010 (G.N. No. S 794/2010) is amended by deleting sub‑paragraph (2) and substituting the following sub‑paragraphs:

“(2) In the case of the following dividends, sub‑paragraph (1) only applies where they are received in Singapore in the basis periods for the year of assessment 2017 and subsequent years of assessment:

(a)	dividends that are derived from dividends which PCD Orient receives from its subsidiary, PCD Saudi Arabia (a company incorporated in Saudi Arabia);
(b)	dividends that are derived from dividends which PCD Orient receives from its subsidiary, PCD Dubai General Trading LLC (a company incorporated in Dubai).

(3) The exemption under sub‑paragraph (1) for dividends other than those specified in sub‑paragraph (2) is subject to the conditions specified in the letter of approval dated 8 December 2010 and the letter of approval dated 7 November 2018, both addressed to Ernst & Young Solutions LLP, the tax agent of LVMH Fragrance and Cosmetics (Singapore) Pte Ltd.

(4) The exemption for the dividends specified in sub‑paragraph (2) is subject to the conditions specified in the letter of approval dated 7 November 2018 and addressed to Ernst & Young Solutions LLP, the tax agent of LVMH Fragrance and Cosmetics (Singapore) Pte Ltd.”.

Made on 19 July 2019.

TAN CHING YEE

Permanent Secretary,
Ministry of Finance,
Singapore.

[R032.016.0056.V81; AG/LEGIS/SL/134/2015/8 Vol. 4]

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