14. The principal Act is amended by inserting, immediately after section 13W, the following section:
—(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 any approved person arising from funds managed in Singapore by any prescribed fund manager.
(2) Approval under subsection (1) may be granted during the period from 1st April 2009 to 31st March 2014 (both dates inclusive).
(3) Where the income of any approved person is not exempt from tax under this section, sections 13C, 13CA and 13R shall not apply to that income notwithstanding anything in those provisions.
(4) Regulations made under subsection (1) may —
provide for the determination of the amount of income of any approved person to be exempt from tax;
provide for the deduction of expenses, allowances, losses and donations of any approved person otherwise than in accordance with this Act;
where the approved person is a partner of an approved limited partnership, provide for the recovery of tax from him 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 partnership, 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
make provision generally for giving full effect to or for carrying out the purposes of this section.
(5) In this section —
“approved” means approved by the Minister or such person as he may appoint;
“approved CPF unit trust” has the same meaning as in section 35(14);
“approved person” means any approved company, any partner of an approved limited partnership or any trustee of an approved trust fund;
“designated unit trust” means any unit trust designated under section 35(14);
“real estate investment trusts” has the same meaning as in section 43(10);
“trust fund” does not include any trust that is a pension or provident fund approved by the Comptroller under section 5, approved CPF unit trust, designated unit trust and real estate investment trust.”.