Exemption from tax of income under section 13O of Act
3.—(1) Subject to the conditions in paragraph (2) and regulation 4, there shall be exempt from tax the specified income derived by an approved company from funds managed in Singapore by any fund manager in respect of designated investments.
(2) The conditions referred to in paragraph (1) are —
(a)
at all times during the basis period for the year of assessment in question (being a year of assessment prior to the year of assessment 2020), the aggregate value of the approved company’s issued securities beneficially owned (directly or indirectly) by Singapore persons is less than 100%;
[S 383/2016 wef 01/09/2007]
[S 707/2024 wef 19/02/2019]
(b)
the investment strategy remains unchanged from the date the company is approved as an approved company, unless the effective date for the change in the strategy is before 1 April 2019, and the Minister or the Monetary Authority of Singapore is satisfied that the change is made for a bona fide commercial purpose;
[S 646/2013 wef 08/10/2012]
[S 383/2016 wef 01/04/2014]
(c)
the income of the approved company is not derived from investments which have been transferred (other than by way of a sale on market terms and conditions) from a person carrying on a business in Singapore where the income derived by that person from those investments was not, or would not have been if not for their transfer, exempt from tax; and
(d)
such conditions as specified in the letter of approval issued by the Monetary Authority of Singapore on approving a company as an approved company under section 13O of the Act.
[S 935/2022 wef 31/12/2021]
(3) For the purpose of paragraph (2)(b), the approved company shall give notice of the change in investment strategy, together with such particulars of the change as may reasonably be required, to the Minister or the Monetary Authority of Singapore before the effective date for the change in the strategy.