Saving and transitional provision
8.  Notwithstanding the repeal of section 13O of the Act in force immediately before 1st September 2007, where any approved company —
(a)has a basis period ending on a date other than 31st August;
(b)has derived before, on and after 1st September 2007 specified income from funds managed in Singapore by any fund manager in respect of designated investments specified in the Income Tax (Exemption of Income of Approved Companies from Funds Managed by Fund Manager) Regulations 2007 (G.N. No. S 628/2007);
(c)has opted for tax exemption under the repealed section 13O of the Act and not the re-enacted section 13R to apply in respect of income of the kind referred to in paragraph (b) derived during the period from 1st September 2007 to the date immediately before the first basis period beginning on or after 1st September 2007 (referred to in this regulation as the specified period); and
(d)has satisfied during the specified period all the conditions in the Income Tax (Exemption of Income of Approved Companies from Funds Managed by Fund Manager) Regulations 2007,
the Income Tax (Exemption of Income of Approved Companies from Funds Managed by Fund Manager) Regulations 2007 shall continue to apply and have effect to the income of the kind referred to in paragraph (b) derived during the specified period by the approved company.
[S 935/2022 wef 31/12/2021]