18. The principal Act is amended by inserting, immediately after section 13V, the following section:
—(1) There shall be exempt from tax all relevant income of an eligible family-owned investment holding company.
(2) For the purposes of subsection (1), the Minister may make regulations to provide for the deduction of expenses, allowances, losses and donations of an eligible family-owned investment holding company otherwise than in accordance with this Act.
(3) In this section —
“eligible family-owned investment holding company” means any company incorporated before 1st April 2013 —
whose shareholders are related to each other in the manner prescribed by regulations;
whose operation consists wholly or mainly of the holding or making of investments; and
which satisfies such other conditions as may be prescribed by regulations;
“relevant income” means —
any income of the kinds referred to in section 13(1)(zd), (ze), (zf), (zh), (zi), (zj), (zk) or (zl) accrued in or derived from Singapore on or after 1st April 2008; or
any income of the kinds referred to in section 13(7A) received in Singapore on or after 1st April 2008.
(4) Where a company fails to satisfy the definition of “eligible family-owned investment holding company” in any basis period beginning on or after 1st April 2013, then this section shall not apply to the company in any subsequent basis period, even if it satisfies the definition in that subsequent basis period.”.