(a) | by inserting, immediately before the definition of “approved company”, the following definitions:“ “approved 1st tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, means a special purpose vehicle —(a) | that is wholly owned by the master fund of the structure; | (b) | that is approved under section 13X of the Act; and | (c) | to which the tax exemption under that section applies; |
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“approved 2nd tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, means a special purpose vehicle —(a) | that is wholly owned by an approved 1st tier SPV of the structure; | (b) | that is approved under section 13X of the Act; and | (c) | to which the tax exemption under that section applies;”; |
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(b) | by inserting, immediately after the definition of “approved master‑feeder fund structure”, the following definition:“ “approved master‑feeder fund‑SPV structure” means a master‑feeder fund‑SPV structure approved under section 13X of the Act;”; |
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(c) | by inserting, immediately after the definition of “approved master fund”, the following definition:“ “approved master fund‑SPV structure” means a master fund‑SPV structure approved under section 13X of the Act;”; |
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(d) | by deleting the word “Non‑residents” in the definitions of “approved start‑up fund manager”, “designated investments” and “designated person” and “prescribed person” and substituting in each case the words “Prescribed Persons”; |
(e) | by inserting, immediately after the definition of “designated securities”, the following definition:“ “eligible holding company” has the same meaning as in regulation 2 of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24);”; |
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(f) | by inserting, immediately after the definition of “financial sector incentive (standard tier) company”, the following definitions:“ “financial sector incentive (trustee companies) company” means a company approved as such under section 43Q of the Act; |
“foreign account” has the same meaning as in section 13O of the Act;”; |
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(g) | by deleting the words “last day” in the definition of “non‑qualifying investor” and substituting the words “relevant day”; |
(h) | by inserting, immediately after the definition of “offshore trade transaction”, the following definition:“ “philanthropic purpose trust” has the same meaning as in section 13O of the Act;”; |
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(i) | by inserting, immediately after the definition of “related party”, the following definition:“ “relevant day”, in relation to the basis period for a year of assessment, means —(a) | in relation to a prescribed person —(i) | the last day of the basis period; | (ii) | if on a day within that basis period, the prescribed person becomes an approved person under section 13X(1)(a) of the Act, the day immediately before that day; or | (iii) | if on a day within that basis period, the prescribed person becomes the approved master fund or an approved feeder fund of —(A) | an approved master‑feeder fund structure under section 13X(1)(b) of the Act; | (B) | an approved master‑feeder fund‑SPV structure under section 13X(1)(c) of the Act; or | (C) | an approved master fund‑SPV structure under section 13X(1)(d) of the Act, |
the day immediately before that day; or |
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| (b) | in relation to an approved company —(i) | the last day of the basis period; or | (ii) | if within that basis period, the approved company ceases to be so approved, the last day it was so approved;”; and |
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(j) | by inserting, immediately after the definition of “shipping enterprise”, the following definition:“ “special purpose vehicle” has the same meaning as in section 13X(5) of the Act;”. |
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