2.—(1) In these Regulations —| “approved 1st tier SPV” means a 1st tier SPV, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 01/04/2015] [S 723/2025 wef 31/12/2021] |
| “approved 2nd tier SPV” means a 2nd tier SPV, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 01/04/2015] [S 723/2025 wef 31/12/2021] |
| “approved eligible SPV” means an eligible SPV, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 19/02/2019] [S 723/2025 wef 31/12/2021] |
| “approved feeder fund” means a feeder fund, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 31/12/2021] [S 723/2025 wef 07/07/2010] |
| “approved master fund” means a master fund, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 07/07/2010] [S 723/2025 wef 31/12/2021] |
| “approved master fund-SPV structure” means a master fund-SPV structure, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 01/04/2015] [S 723/2025 wef 31/12/2021] |
| “approved master-feeder fund structure” means a master-feeder fund structure, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 07/07/2010] [S 723/2025 wef 31/12/2021] |
| “approved master-feeder fund-SPV structure” means a master-feeder fund-SPV structure, as defined in section 13U(5) of the Act, that is approved under section 13U of the Act; [S 723/2025 wef 01/04/2015] [S 723/2025 wef 31/12/2021] |
| [Deleted by S 723/2025 wef 24/11/2025] |
| “bona fide entity” means an entity that is not a non-bona fide entity; |
| “commodity derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying commodity; [S 262/2013 wef 17/02/2012] |
| “compensatory payments” has the same meaning as in section 10H(12) of the Act; [S 934/2022 wef 31/12/2021] |
“designated investments” means —| (a) | [Deleted by S 485/2021 wef 01/07/2021] | | (b) | [Deleted by S 485/2021 wef 01/07/2021] | | (c) | in relation to income derived between 21 February 2014 and 18 February 2019 (both dates inclusive), investments specified in Part A of the Third Schedule; [S 262/2013 wef 17/02/2012] [S 384/2016 wef 21/02/2014] [S 723/2025 wef 19/02/2019] [S 723/2025 wef 19/02/2022] | | (d) | in relation to income derived between 19 February 2019 and 18 February 2022 (both dates inclusive), investments specified in Part A of the Fourth Schedule; and [S 723/2025 wef 19/02/2019] [S 723/2025 wef 19/02/2022] | | (e) | in relation to income derived on or after 19 February 2022, investments specified in Part A of the Fifth Schedule; [S 723/2025 wef 19/02/2022] |
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“designated person” means —| (a) | GIC Private Limited, as renamed from time to time; | | (b) | any of the following companies as renamed from time to time, but only if the company is wholly owned (directly or indirectly) by the Minister in the Minister’s capacity as a corporation established under the Minister for Finance (Incorporation) Act 1959:| (i) | GIC (Ventures) Pte. Ltd.; | | (ii) | GIC (Realty) Private Limited; | | (iii) | Eurovest Pte Ltd; [S 934/2022 wef 31/12/2021] |
| | (c) | a company that is wholly owned (directly or indirectly) by any company that is a designated person by reason of paragraph (b); | | (d) | any other company that is wholly owned (directly or indirectly) by the Minister in the Minister’s capacity as a corporation established under the Minister for Finance (Incorporation) Act 1959, and is approved by the Minister or an authorised body; or | | (e) | any statutory board; [S 106/2017 wef 22/03/2017] [S 934/2022 wef 31/12/2021] [S 934/2022 wef 06/12/2022] |
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| “emission derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying emission allowances; [S 262/2013 wef 17/02/2012] |
| “financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but excludes derivatives the payoffs of which are wholly linked to the payoffs or performance of commodities; [S 262/2013 wef 17/02/2012] |
| “financial sector incentive company” means a company approved as such under section 43J of the Act; [S 723/2025 wef 02/12/2019] [S 723/2025 wef 31/12/2021] |
| “freight derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying freight rates; [S 262/2013 wef 17/02/2012] |
| “insolvency proceedings” means winding-up, bankruptcy, administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of a person under the laws of any jurisdiction; [S 498/2010 wef 22/01/2009] |
| “investment precious metal” means any metal specified in Part 2 of the Fourth Schedule to the Goods and Services Tax Act 1993; [S 723/2025 wef 19/02/2022] |
| “Islamic debt securities” has the same meaning as in section 43H(4) of the Act; [S 498/2010 wef 22/01/2009] [S 934/2022 wef 31/12/2021] |
| “liquidation claims” means claims or other causes of actions (including interests, rights and demands) of creditors or equity holders of any person against such person, however arising, on cash or other tangible or intangible assets, from a person upon and in connection with any insolvency proceeding of that person; [S 498/2010 wef 22/01/2009] |
“managed account” means an account of a prescribed person with a financial institution (as defined in section 43K(4) of the Act) —| (a) | that is used for the purposes of investment; and | | (b) | where the funds credited to the account are managed in Singapore by a fund manager; [S 723/2025 wef 19/02/2019] [S 723/2025 wef 31/12/2021] |
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“prescribed person” —| (a) | in relation to an individual, means an individual who, at all times during the basis period for the year of assessment —| (i) | is neither a Singapore citizen nor resident in Singapore; and | | (ii) | is the beneficial owner of funds managed in Singapore by any fund manager; |
| | (b) | in relation to a company, means a company in relation to which all the following are satisfied at all times during the basis period for the year of assessment:| (i) | the company is not resident in Singapore; | | (ii) | the company does not have a permanent establishment in Singapore (other than a fund manager); | | (iii) | the company does not carry on any business in Singapore; | | (iv) | where the basis period relates to a year of assessment before the year of assessment 2020 — the aggregate value of the company’s issued securities beneficially owned (directly or indirectly) by Singapore persons is less than 100%; [S 723/2025 wef 19/02/2019] | | (v) | the income of the company is not derived from any tax‑exempt investment; [S 723/2025 wef 19/02/2019] |
| | (c) | in relation to a trustee of a trust fund, means a trustee of a trust fund in relation to whom all the conditions in sub‑paragraph (i) or (ii) (as the case may be) are satisfied at all times during the basis period for the year of assessment:| (i) | in the case of income derived in a basis period that ends at any time before 1 April 2014 —| (A) | the trustee is not a resident in Singapore, a Singapore citizen or a permanent establishment in Singapore; | | (B) | the trustee does not, in its capacity as trustee of the trust fund, have a permanent establishment in Singapore (other than a fund manager for that trust fund); | | (C) | the trustee does not, in its capacity as trustee of the trust fund, carry on any business in Singapore apart from acting as such trustee; | | (D) | the income derived by the trustee in its capacity as trustee of the trust fund is not derived from any tax‑exempt investment; and | | (E) | the aggregate value of the trust fund beneficially held (directly or indirectly) by Singapore persons is less than 100%; |
| | (ii) | in the case of income derived in a basis period other than that mentioned in sub‑paragraph (i) —| (A) | the trustee does not, in its capacity as trustee of the trust fund, have a permanent establishment in Singapore (other than a fund manager for that trust fund); | | (B) | the trustee does not, in its capacity as trustee of the trust fund, carry on any business in Singapore (other than acting as such trustee or managing the funds of the trust fund in Singapore, or engaging another person to do so); [S 723/2025 wef 01/04/2014] | | (C) | the income derived by the trustee in its capacity as trustee of the trust fund is not derived from any tax‑exempt investment; and | | (D) | where the basis period relates to a year of assessment before the year of assessment 2020 — the aggregate value of the trust fund beneficially held (directly or indirectly) by Singapore persons is less than 100%; and [S 723/2025 wef 19/02/2019] [S 384/2016 wef 01/04/2014] |
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| | (d) | in relation to one who derives specified income from designated investments arising from funds of a managed account, means —| (i) | any person mentioned in paragraphs (a), (b) and (c); | | (ii) | a bona fide entity that is a company, in relation to which all the following are satisfied at all times during the basis period for the year of assessment:| (A) | the company is not resident in Singapore; | | (B) | the company does not have a permanent establishment in Singapore (other than a fund manager); | | (C) | the company does not carry on a business in Singapore; | | (D) | the income of the company is not derived from any tax-exempt investment; or |
| | (iii) | a designated person; [S 723/2025 wef 19/02/2019] |
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| “qualifying debt securities” has the same meaning as in section 13(16) of the Act; |
| “registered business trust” has the same meaning as in the Business Trusts Act 2004; [S 498/2010 wef 22/01/2009] [S 934/2022 wef 31/12/2021] [S 723/2025 wef 31/12/2021] |
| “Section 13O SL” means the Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 8/2010); [S 723/2025 wef 24/11/2025] |
| “Section 13U SL” means the Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (G.N. No. S 414/2010); [S 723/2025 wef 24/11/2025] |
| “securities lending or repurchase arrangement” has the same meaning as in section 10H(12) of the Act; [S 934/2022 wef 31/12/2021] [S 723/2025 wef 31/12/2021] |
“Singapore person”, in relation to paragraph (b) or (c) of the definition of “prescribed person”, means a person who is a Singapore citizen, resident in Singapore or permanent establishment in Singapore, but does not include —| (a) | a company which is approved under section 13O of the Act and which, at all times during the basis period for the year of assessment for which the income of a prescribed person is exempt from tax under section 13D of Act —| (i) | beneficially owns directly, 100% of the total value of all issued securities of the prescribed person or the total value of the trust fund for which the prescribed person is the trustee, as the case may be; and | | (ii) | satisfies the conditions in regulation 3(2) of the Section 13O SL; [S 346/2012 wef 01/09/2007] [S 934/2022 wef 31/12/2021] [S 723/2025 wef 24/11/2025] |
| | (b) | a designated person; or [S 346/2012 wef 01/04/2009] | | (c) | an approved person under section 13U of the Act and which, at all times during the basis period for the year of assessment for which the income of a prescribed person is exempt from tax under section 13D of the Act —| (i) | beneficially owns directly, 100% of the total value of all issued securities of the prescribed person or the total value of the trust fund for which the prescribed person is the trustee, as the case may be; and | | (ii) | satisfies the conditions in regulation 3(2) of the Section 13U SL; [S 346/2012 wef 01/04/2009] [S 384/2016 wef 07/07/2010] [S 723/2025 wef 01/04/2015] [S 934/2022 wef 31/12/2021] [S 723/2025 wef 24/11/2025] |
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“specified income” means —| (a) | [Deleted by S 485/2021 wef 01/07/2021] | | (b) | [Deleted by S 485/2021 wef 01/07/2021] | | (c) | in relation to income derived between 21 February 2014 and 18 February 2019 (both dates inclusive), income specified in Part B of the Third Schedule; [S 384/2016 wef 21/02/2014] [S 723/2025 wef 19/02/2019] [S 723/2025 wef 19/02/2022] | | (d) | in relation to income derived between 19 February 2019 and 18 February 2022 (both dates inclusive), income specified in Part B of the Fourth Schedule; and [S 723/2025 wef 19/02/2019] [S 723/2025 wef 19/02/2022] | | (e) | in relation to income derived on or after 19 February 2022, income specified in Part B of the Fifth Schedule; [S 723/2025 wef 19/02/2022] |
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| “SPV” has the meaning given by section 13U(5) of the Act; [S 723/2025 wef 01/04/2015] [S 723/2025 wef 31/12/2021] |
| “structured product” has the same meaning as in section 13(16) of the Act; [S 498/2010 wef 22/01/2009] |
“tax-exempt investment” —| (a) | in the case of paragraph (b) of the definition of “prescribed person”, means an investment transferred to the company mentioned in that paragraph (other than by way of a sale on market terms and conditions) from a person carrying on business in Singapore, where the income derived by that person from that investment was not, or would not have been if not for the transfer, exempt from tax; [S 723/2025 wef 19/02/2019] | | (b) | in the case of paragraph (c) of the definition of “prescribed person”, means an investment transferred to the trustee of the trust fund mentioned in that paragraph in the trustee’s capacity as such trustee (other than by way of a sale on market terms and conditions) from a person carrying on business in Singapore, where the income derived by that person from that investment was not, or would not have been if not for the transfer, exempt from tax; and [S 723/2025 wef 19/02/2019] [S 384/2016 wef 01/04/2014] | | (c) | in the case of paragraph (d) of the definition of “prescribed person”, means an investment transferred into the managed account mentioned in that paragraph (other than by way of sale on market terms and conditions) from a person carrying on business in Singapore, where the income derived by that person from that investment was not, or would not have been if not for the transfer, exempt from tax; [S 723/2025 wef 19/02/2019] |
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| “taxable entity” has the meaning given by section 13U(5) of the Act; [S 723/2025 wef 20/02/2018] [S 723/2025 wef 31/12/2021] |
| “unit” means a right or interest (whether described as a unit, a sub-unit or otherwise) which may be acquired under a unit trust; |
| “unit trust” means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, management or disposal of securities or any other property. |
| (2) [Deleted by S 723/2025 wef 24/11/2025] |
| (3) [Deleted by S 723/2025 wef 24/11/2025] |
| (4) [Deleted by S 723/2025 wef 24/11/2025] |
(5) For the purposes of section 13D of the Act and these Regulations, issued securities include —| (a) | any right under a contract for differences, or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations, in —| (i) | the value or price of issued debentures, stocks or shares; | | (ii) | the value or price of any group of any such debentures, stocks or shares; or | | (iii) | an index of any such debentures, stocks or shares; and |
| | (b) | derivatives of a buy-sell nature for funding purpose, |
| (A) | futures contracts which are traded on a futures market; | | (B) | bills of exchange; | | (C) | promissory notes; or | | (D) | certificates of deposit issued by a bank or finance company. [S 723/2025 wef 31/12/2021] |
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(6) Any reference in section 13D of the Act and these Regulations to the value of issued securities of a company of the type described in paragraph (5), where the relevant day is before 1 April 2014, is a reference to the value of those securities —| (a) | at the time of their issue by the company; or | | (b) | in the case of derivatives of a buy-sell nature, at the time of their buy-sell transaction. [S 384/2016 wef 01/04/2014] [S 934/2022 wef 31/12/2021] [S 723/2025 wef 31/12/2021] |
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| (6A) Any reference in these Regulations to the value of issued securities of a company of the type described in paragraph (5), where the relevant day is on or after 1 April 2014, is a reference to the net asset value of those securities on the relevant day. [S 384/2016 wef 01/04/2014] |
| (6B) In paragraphs (6) and (6A), “relevant day”, in relation to a company, is the last day of the basis period of the company for the year of assessment in question. [S 384/2016 wef 01/04/2014] |
(7) For the purposes of section 13D of the Act and these Regulations, “prescribed percentage” means —| (a) | where the prescribed person or the trust fund for which the prescribed person is the trustee has less than 10 relevant owners or relevant beneficiaries — 30%; or | | (b) | where the prescribed person or the trust fund for which the prescribed person is the trustee has at least 10 relevant owners or relevant beneficiaries — 50%. [S 934/2022 wef 31/12/2021] [S 723/2025 wef 31/12/2021] |
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