7A.—(1) There is exempt from tax, in relation to an approved master-feeder fund-SPV structure, any qualifying amount liable to be paid by a person in the first column of the following table, on or after the date specified opposite that person in the second column of that table, to —(a) | a person who is neither resident in Singapore nor has a permanent establishment in Singapore; or | (b) | a person who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore, where the qualifying amount is not liable to be paid in connection with any loan or indebtedness or with any arrangement, management, guarantee, or service relating to any loan or indebtedness undertaken or performed through that operation, |
during a basis period described in sub-paragraph (2): |
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1. | A company incorporated in Singapore, a trustee of a trust fund (being a trust fund constituted in Singapore) or a partner of a limited partnership registered in Singapore, where the company, trust fund or limited partnership (as the case may be) is the approved master fund of the structure |
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| | 2. | 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 an approved feeder fund of the structure |
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| | 3. | A person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure |
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| | 4. | A partner of a partnership (including a limited liability partnership but excluding a limited partnership), where the partnership is an approved feeder fund of the structure |
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| | 5. | 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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| | 6. | An approved 1st tier SPV of the structure, that is a company |
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| | 7. | An approved 2nd tier SPV of the structure, that is a company |
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| | 8. | An approved eligible SPV of the structure, that is a person (not being a company, an individual or a Hindu joint family) |
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| | 9. | An approved eligible SPV of the structure, where the eligible SPV is not one mentioned in items 8, 10, 11 and 12 |
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| | 10. | 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) |
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| | 11. | The trustee of an approved eligible SPV of the structure, where the eligible SPV is a trust fund |
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| | 12. | The taxable entity of an approved eligible SPV of the structure, where the eligible SPV is not a legal entity |
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(2) The basis period is either of the following:(a) | a basis period where all of the conditions in regulation 3B(2)(a), (b), (d), (e) and (f) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (whichever is applicable) are satisfied throughout that basis period in relation to the master fund and master-feeder fund-SPV structure, the feeder fund and master-feeder fund-SPV structure, or the SPV and master-feeder fund-SPV structure (as the case may be), being the first time that all of those conditions are satisfied in relation to the master fund and master-feeder fund-SPV structure, the feeder fund and master-feeder fund-SPV structure, or the SPV and master-feeder fund-SPV structure, as the case may be; and | (b) | a basis period immediately following another basis period where all of those conditions (whichever is applicable) are satisfied throughout that other basis period in relation to the master fund and master-feeder fund-SPV structure, the feeder fund and master-feeder fund-SPV structure, or the SPV and master-feeder fund-SPV structure, as the case may be. |
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(3) For the purposes of sub-paragraph (2) —(a) | the reference in regulation 3B(2)(a) and (b)(i), (ii) and (iii) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 to the basis period for the year of assessment for which income is exempt from tax under those Regulations is to the basis period referred to in sub-paragraph (2)(a) or (b), as the case may be; and | (b) | the reference in regulation 3B(2)(d) of the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 to the year of assessment for which income is exempt from tax under those Regulations is to the year of assessment to which the basis period referred to in sub-paragraph (2)(a) or (b), as the case may be, relates. |
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(4) In this paragraph, “1st tier SPV”, “2nd tier SPV”, “approved”, “eligible SPV”, “feeder fund”, “master-feeder fund-SPV structure”, “master fund”, “SPV”, “taxable entity” and “trust fund” have the meanings given by section 13U(5) of the Act. [S 708/2024 wef 12/09/2024] |
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