On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 31/12/2009.
7. Section 13 of the principal Act is amended —
(a)
by deleting the word “and” at the end of subsection (1)(zl);
(b)
by deleting the full-stop at the end of paragraph (zm) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:
“(zn)
any Government cash grant payable to an employer in 2009 under the Jobs Credit Scheme.”; and
(c)
by inserting, immediately after subsection (8), the following subsections:
“(8A) There shall be exempt from tax —
(a)
any income derived on or before 21st January 2009 from any source outside Singapore and received in Singapore during the period from 22nd January 2009 to 21st January 2010 (both dates inclusive) (referred to in this subsection as the specified period) by —
(i)
any person, not being an individual, resident in Singapore; or
(ii)
any individual resident in Singapore through a partnership in Singapore; and
(b)
any dividend received in Singapore during the specified period, being dividend paid during the specified period by a company not resident in Singapore out of any income derived by that company on or before 21st January 2009, by —
(i)
any person, not being an individual, resident in Singapore who —
(A)
is not a partner of a limited liability partnership in Singapore; and
(B)
beneficially owns directly more than 50% of the total number of issued ordinary shares of that non-resident company as at 21st January 2009;
(ii)
any individual resident in Singapore who beneficially owns directly more than 50% of the total number of issued ordinary shares of that non-resident company as at 21st January 2009, being dividend he receives through a partnership in Singapore (other than any limited liability partnership) of which he is a partner; or
(iii)
any person, whether or not an individual, who is a partner of a limited liability partnership in Singapore and whose effective ownership through the limited liability partnership (by virtue of section 36A) of the issued ordinary shares of that non-resident company as at 21st January 2009 is more than 50% of the total number of those shares.
(8B) For the purpose of subsection (8A)(b)(iii), the effective ownership of the partner of a limited liability partnership of the issued ordinary shares of the non-resident company as at 21st January 2009 shall be ascertained in accordance with the formula
A x B, | |||||
where | A | is the percentage of the income of the limited liability partnership to which the partner is entitled as at 21st January 2009; and | |||
B | is the percentage of the total number of issued ordinary shares of that non-resident company as at 21st January 2009 beneficially owned directly by that limited liability partnership. | ||||
(8C) No exemption from tax shall be granted to any person under subsection (8A) unless the Comptroller is satisfied that the exemption would be beneficial to the person resident in Singapore.
(8D) A person shall furnish to the Comptroller, in such form and manner and within such reasonable time as the Comptroller may determine, such information relating to income exempted under subsection (8A) as the Minister may direct the Comptroller to obtain for any statistical or research purpose.”.