No. S 628
Income Tax Act
Income Tax (Exemption of Income of Approved Companies from Funds Managed by Fund Manager) Regulations 2007
1. These Regulations may be cited as the Income Tax (Exemption of Income of Approved Companies from Funds Managed by Fund Manager) Regulations 2007 and shall be deemed to have come into operation on 17th February 2006.
2. In these Regulations, “designated investments” and “specified income” have the same meanings as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003).
3. Subject to regulation 4, there shall be exempt from tax the specified income derived by an approved company in respect of designated investments.
4. Notwithstanding anything in these Regulations, no deduction shall be allowed under the Act to any approved company in respect of any loss arising from —
the sale of any designated investments if any gains or profits realised from the sale of such investments would have been exempt from tax under regulation 3; and
transactions referred to in paragraphs (c), (k), (l), (p), (q) and (r) of the definition of “designated investments” in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003).
5. An approved company shall submit an annual declaration to the Comptroller and the Monetary Authority of Singapore, in such form and within such time as the Comptroller or the Monetary Authority of Singapore may specify, that it has met, for each basis period, the conditions subject to which the Minister or such person as he may appoint approved the company under section 13R(1) of the Act.
[MF(R)R32.19.4 Vol. 29; AG/LEG/SL/134/2005/29 Vol. 1]