On 18/05/2013,
you requested for the version in force on 18/05/2013
incorporating all amendments published on or before 18/05/2013.
The closest version currently available is that of 26/11/2010.
9. Section 13X of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsection:
“(1) Subject to such conditions as may be prescribed by regulations, there shall be exempt from tax such income as the Minister may by regulations prescribe of —
(a)
an approved person arising from funds managed in Singapore by a fund manager; or
(b)
a company, a trustee of a trust fund or a partner of a limited partnership, where the company, trust fund or partnership is the approved master fund or an approved feeder fund of an approved master-feeder fund structure, arising from funds of the master fund or any feeder fund of that structure that are managed in Singapore by a fund manager.”;
(b)
by deleting the words “subsection (1)” in subsection (2) and substituting the words “subsection (1)(a)”;
(c)
(d)
by inserting, immediately after the words “approved person” in subsections (3) and (4)(a) and (b), the words “or company, trustee or partner referred to in subsection (1)(b)”;
(e)
by deleting the word “and” at the end of paragraph (c) of subsection (4), and by inserting immediately thereafter the following paragraphs:
“(ca)
provide for the recovery of tax from a company or a trustee of a trust fund referred to in subsection (1)(b) in a case where the exemption ought not to have been allowed to the company or trustee due to non-compliance with any condition imposed on the approved master-feeder fund structure;
(cb)
provide for the recovery of tax from a partner of a limited partnership referred to in subsection (1)(b) in a case where the exemption ought not to have been allowed to that partner due to non-compliance with any condition imposed on the approved master-feeder fund structure, including the deeming of a specified amount as income of the partner for the year of assessment in which the Comptroller discovers the non-compliance of the condition; and”;
(f)
by inserting, immediately after the definition of “designated unit trust” in subsection (5), the following definitions:
“ “feeder fund” means a company, trust fund or limited partnership that invests its funds substantially and directly through only one master fund;
“master-feeder fund structure” means one or more feeder funds and the master fund through which the funds of the feeder fund or funds are substantially and directly invested;
“master fund” means a company, trust fund or limited partnership that enables investors to invest funds in one or more underlying investments that are managed by a fund manager;”; and
(g)
by deleting the words “of approved persons” in the section heading.