10 February 2012
Published on 3 February 2012, these Regulations are deemed to have come into operation on 1 April 2010. The Regulations cover:
- Prescribed sovereign fund entity
- Period of approval of approved foreign government-owned entity
- Exemption from tax of income under section 13Y of the Income Tax Act
- Determination of amount of income exempted from tax
- No deduction allowed in respect of loss arising from designated investments
- Annual declaration of the conditions subject to which the entity is approved are met for that basis period.
For the purposes of section 13Y of the Act, a sovereign fund entity is a prescribed sovereign fund entity if:
(a) the funds of the sovereign fund entity are managed in Singapore by an approved foreign government-owned entity as part of the funds of the foreign government that wholly and beneficially owns, whether directly or indirectly, the approved foreign government-owned entity, and
(b) apart from its investment activities in relation to the funds referred to in paragraph (a), the sovereign fund entity does not engage in any other commercial activity in Singapore.
Source: e-Gazette