Exemption from tax of qualifying amount paid by prescribed person referred to in section 13D of Act
4.—(1)  There shall be exempt from tax any qualifying amount liable to be paid by a person to another person who is neither resident in Singapore nor a permanent establishment in Singapore, if the payment is liable to be made on or after 15th October 2010 and during either of the following basis periods:
(a)a basis period where all of the following conditions are satisfied throughout that basis period:
(i)the first-mentioned person satisfies all the conditions in paragraph (a), (b) or (c) (whichever is applicable) of the definition of “prescribed person” in regulation 2(1) of the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010);
(ii)the funds of the first-mentioned person are managed in Singapore by a fund manager,
being the first time that all of those conditions are satisfied throughout a basis period;
(b)a basis period immediately following another basis period, where all of those conditions are satisfied throughout that other basis period.
(2)  Sub-paragraph (1) shall not apply if the payer is a person referred to in section 13D(10) of the Act.
[S 938/2022 wef 31/12/2021]
[S 938/2022 wef 31/12/2021]