Prescribed criteria for reversal of rental waiver for applicants which are corporations
13.—(1)  The prescribed criteria for reversal of rental waiver mentioned in section 95(3)(c) of the Act to be satisfied by an applicant (being the owner and a landlord of a prescribed property) which is a corporation are as follows:
(a)the business of the applicant consists wholly or mainly of the holding of investment properties;
(b)every equity holder of the applicant is an individual;
(c)the aggregate of the annual values of all the investment properties (including the prescribed property) owned by the applicant (whether solely or together with another person) is not more than $60,000 as at 22 July 2021;
(d)the applicant is beneficially entitled to all or part of the rental income derived from the prescribed property during the period within the relevant period that the applicant is a landlord of that prescribed property;
(e)the criteria specified in paragraph (2) are satisfied for each equity holder of the applicant.
(2)  For the purposes of paragraph (1)(e), the criteria to be satisfied for each equity holder of the applicant are as follows:
(a)the aggregate of the annual values of the following properties is not more than $60,000 as at 22 July 2021:
(i)all the investment properties owned by the equity holder (whether solely or together with another person);
(ii)all the investment properties owned by every investment holding corporation of the equity holder;
(b)one of the following is satisfied:
(i)where the equity holder furnished a return of income for the year of assessment 2020 under section 62(1) of the Income Tax Act, the aggregate of —
(A)the average monthly rental income received by the equity holder for every specified property leased or licensed by the equity holder, if any; and
(B)the average monthly dividend income received by the equity holder from every investment holding corporation of the equity holder that is attributable to the rental income received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation, if any,
in that year of assessment constituted 75% or more of the equity holder’s average monthly gross income in that year of assessment;
(ii)where sub-paragraph (i) does not apply but the equity holder furnished a return of income for the year of assessment 2021 under section 62(1) of the Income Tax Act, the aggregate of —
(A)the average monthly rental income received by the equity holder for every specified property leased or licensed by the equity holder, if any; and
(B)the average monthly dividend income received by the equity holder from every investment holding corporation of the equity holder that is attributable to the rental income received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation, if any,
in that year of assessment constituted 75% or more of the equity holder’s average monthly gross income in that year of assessment;
(iii)where sub-paragraphs (i) and (ii) do not apply — the aggregate of —
(A)the average monthly rental income that would have been received by the equity holder for every specified property leased or licensed by the equity holder during the relevant period had section 94 of the Act not applied to that specified property; and
(B)the average monthly dividend income that would have been received by the equity holder from every investment holding corporation of the equity holder, which would have been attributable to the rental income that would have been received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation during the relevant period, had section 94 of the Act not applied to that specified property,
would have constituted 75% or more of the equity holder’s average monthly gross income for that period.
(3)  In this regulation —
“equity holder”, in relation to a corporation, means the holder of any voting share or voting power in the corporation;
“investment holding corporation of the equity holder” means a corporation —
(a)whose business consists wholly or mainly of the holding of investment properties; and
(b)50% of the voting shares or voting power of which are controlled by the equity holder;
“investment property” means —
(a)in relation to an equity holder — an immovable property that is acquired for investment purposes only and does not include the residential property at which the equity holder resides; or
(b)in relation to an investment holding corporation of the equity holder — an immovable property that is acquired for investment purposes only;
“specified property” means an investment property that is a prescribed property to which section 94 of the Act applies.