4. In the principal Regulations, in regulation 5 —| (a) | in paragraph (1)(e)(ii), delete “or” at the end; | | (b) | in paragraph (1)(e), after “the year of assessment”, insert “(being a year of assessment prior to the year of assessment 2020)”; | | (c) | in paragraph (1), after sub-paragraph (e), insert —| “(ea) | another approved company under section 13R of the Act which, at all times during the basis period for the year of assessment (being the year of assessment 2020 or any subsequent year of assessment) for which the income of the approved company is exempt from tax under section 13R of the Act, satisfies the conditions in regulation 3(2);”; |
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| | (d) | in paragraph (1)(f), replace the full-stop at the end with “; or”; | | (e) | in paragraph (1)(f), delete “or” at the end; | | (f) | in paragraph (1), after sub-paragraph (f), insert —| “(g) | a company, a trustee of a trust fund or a partner of a limited partnership — being a company, trust fund or limited partnership (as the case may be) that is the approved master fund or an approved feeder fund of an approved master‑feeder fund structure — if the conditions in regulation 3A(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 414/2010) (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act.”; |
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| | (g) | in paragraph (1)(g), replace the full-stop at the end with a semi‑colon; | | (h) | in paragraph (1), replace sub-paragraph (g) with —| “(g) | in relation to an approved master‑feeder fund structure —| (i) | a person (not being an individual, a body of persons or a Hindu joint family) that is an approved master fund or an approved feeder fund of the structure; | | (ii) | a partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure; | | (iii) | a trustee of a trust fund where the trust fund is the approved master fund or an approved feeder fund of the structure; or | | (iv) | a taxable entity in relation to the approved master fund or an approved feeder fund of the structure, where the master fund or feeder fund is not a legal entity, |
| if all of the conditions in regulation 3A(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act;”; |
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| | (i) | in paragraph (1), after sub-paragraph (g), insert —| “(h) | 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 (as the case may be) is the approved master fund or an approved feeder fund of the structure; | | (ii) | an approved 1st tier SPV of the structure; or | | (iii) | an approved 2nd tier SPV of the structure, |
| if all of the conditions in regulation 3B(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act; or |
| | (i) | 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 (as the case may be) is the approved master fund of the structure; | | (ii) | an approved 1st tier SPV of the structure; or | | (iii) | an approved 2nd tier SPV of the structure, |
| if all of the conditions in regulation 3C(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act.”; |
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| | (j) | in paragraph (1)(h), after sub-paragraph (i), insert —| “(ia) | a person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure; | | (ib) | a partner of a partnership (excluding a limited partnership but including a limited liability partnership), where the partnership is an approved feeder fund of the structure; | | (ic) | a taxable entity in relation to an approved feeder fund of the structure, where the feeder fund is not a legal entity;”; |
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| | (k) | in paragraph (1)(h)(ii) and (i)(ii), delete “or” at the end; | | (l) | in paragraph (1)(h)(iii), replace the comma at the end with a semi‑colon; | | (m) | in paragraph (1)(h), after sub-paragraph (iii), insert —| “(iv) | an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub‑paragraph (v), (vi) or (vii); | | (v) | a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership); | | (vi) | the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or | | (vii) | the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,”; |
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| | (n) | in paragraph (1)(i)(iii), replace the comma at the end with a semi-colon; | | (o) | in paragraph (1)(i), after sub-paragraph (iii), insert —| “(iv) | an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub‑paragraph (v), (vi) or (vii); | | (v) | a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership); | | (vi) | the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or | | (vii) | the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,”; |
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| | (p) | in paragraph (2)(e), after “year of assessment”, insert “(being any year of assessment prior to the year of assessment 2020)”; | | (q) | in paragraph (2)(e)(ii), delete “or” at the end; | | (r) | in paragraph (2), after sub-paragraph (e), insert —| “(ea) | another approved company under section 13R of the Act which, at all times during the basis period for the year of assessment (being the year of assessment 2020 or any subsequent year of assessment) for which the income of an approved company is exempt from tax under section 13R of the Act, satisfies the conditions in regulation 3(2);”; |
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| | (s) | in paragraph (2)(f), replace the full-stop at the end with “; or”; | | (t) | in paragraph (2)(f), delete “or” at the end; | | (u) | in paragraph (2), after sub-paragraph (f), insert —| “(g) | a company, a trustee of a trust fund or a partner of a limited partnership — being a company, trust fund or limited partnership (as the case may be) that is the approved master fund or an approved feeder fund of an approved master‑feeder fund structure — if all of the conditions in regulation 3A(2) of the Income Tax (Exemption of Income Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act.”; |
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| | (v) | in paragraph (2)(g), replace the full-stop at the end with “; or”; | | (w) | in paragraph (2), replace sub-paragraph (g) with —| “(g) | in relation to an approved master‑feeder fund structure —| (i) | a person (not being an individual, a body of persons or a Hindu joint family) that is an approved master fund or an approved feeder fund of the structure; | | (ii) | a partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure; | | (iii) | a trustee of a trust fund where the trust fund is the approved master fund or an approved feeder fund of the structure; or | | (iv) | a taxable entity in relation to the approved master fund or an approved feeder fund of the structure, where the master fund or feeder fund is not a legal entity, |
| if all of the conditions in regulation 3A(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act;”; |
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| | (x) | in paragraph (2), after sub-paragraph (g), insert —| “(h) | 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 (as the case may be) is the approved master fund or an approved feeder fund of the structure; | | (ii) | an approved 1st tier SPV of the structure; or | | (iii) | an approved 2nd tier SPV of the structure, |
| if all of the conditions in regulation 3B(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act; or |
| | (i) | 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 (as the case may be) is the approved master fund of the structure; | | (ii) | an approved 1st tier SPV of the structure; or | | (iii) | an approved 2nd tier SPV of the structure, |
| if all of the conditions in regulation 3C(2) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied, and for this purpose a reference in those conditions to “that year of assessment” is to the year of assessment for which income of the approved company is exempt from tax under section 13R of the Act.”; |
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| | (y) | in paragraph (2)(h), after sub-paragraph (i), insert —| “(ia) | a person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure; | | (ib) | a partner of a partnership (excluding a limited partnership but including a limited liability partnership), where the partnership is an approved feeder fund of the structure; | | (ic) | a taxable entity in relation to an approved feeder fund of the structure, where the feeder fund is not a legal entity;”; |
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| | (z) | in paragraph (2)(h)(ii), delete “or” at the end; | | (za) | in paragraph (2)(h)(iii), replace the comma at the end with a semi‑colon; | | (zb) | in paragraph (2)(h), after sub-paragraph (iii), insert —| “(iv) | an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub‑paragraph (v), (vi) or (vii); | | (v) | a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership); | | (vi) | the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or | | (vii) | the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,”; |
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| | (zc) | in paragraph (2)(i)(ii), delete “or” at the end; | | (zd) | in paragraph (2)(i)(iii), replace the comma at the end with a semi‑colon; | | (ze) | in paragraph (2)(i), after sub-paragraph (iii), insert —| “(iv) | an approved eligible SPV of the structure, where the eligible SPV is not one mentioned in sub‑paragraph (v), (vi) or (vii); | | (v) | a partner of an approved eligible SPV of the structure, where the eligible SPV is a partnership (including a limited partnership and a limited liability partnership); | | (vi) | the trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund; or | | (vii) | the taxable entity in relation to an approved eligible SPV of the structure, where the eligible SPV is not a legal entity,”; |
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| | (zf) | after paragraph (4), insert —“(5) In this regulation —| “approved feeder fund” means a feeder fund, as defined in section 13X(5) of the Act, that is approved under section 13X of the Act; |
| “approved master-feeder fund structure” means a master‑feeder fund structure, as defined under section 13X(5) of the Act, that is approved under section 13X of the Act; |
| “approved master fund” means a master fund, as defined under section 13X(5) of the Act, that is approved under section 13X of the Act; |
| “trust fund” has the meaning given by section 13X(5) of the Act.”; |
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| | (zg) | in paragraph (5), before the definition of “approved feeder fund”, insert —| “ “approved 1st tier SPV”, means a 1st tier SPV, as defined in section 13X(5) of the Act, that is approved under section 13X of the Act; |
| “approved 2nd tier SPV” means a 2nd tier SPV, as defined in section 13X(5) of the Act, that is approved under section 13X of the Act;”; |
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| | (zh) | in paragraph (5), after the definition of approved master‑feeder fund structure”, insert —| “ “approved master-feeder fund‑SPV structure” means a master-feeder fund‑SPV structure, as defined under section 13X(5) of the Act, that is approved under section 13X of the Act;”; |
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| | (zi) | in paragraph (5), after the definition of “approved master fund”, insert —| “ “approved master fund-SPV structure” means a master fund‑SPV structure, as defined under section 13X(5) of the Act, that is approved under section 13X of the Act; |
| “SPV” has the meaning given by section 13X(5) of the Act;”; |
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| | (zj) | in paragraph (5), after the definition of “SPV”, insert —| “ “taxable entity” has the meaning given by section 13X(5) of the Act;”; and |
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| | (zk) | in paragraph (5), after the definition of “approved 2nd tier SPV”, insert —| “ “approved eligible SPV” means an eligible SPV, as defined under section 13X(5) of the Act, that is approved under section 13X of the Act;”. |
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