2.—(1) Any partnership profit described in sub‑paragraph (2) that is distributed by Godo Kaisha Samurai 15 (an entity incorporated in Japan) and received in Singapore by Parkway Life Japan4 Pte. Ltd. (a company incorporated in Singapore) on or after 31 August 2021 is exempt from tax.(2) Sub‑paragraph (1) applies to partnership profit comprising —| (a) | rental income derived from rental of a specified property; or | | (b) | capital gain derived from the divestment of a specified property. |
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| (3) The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter of approval dated 31 August 2021 addressed to Parkway Trust Management Limited. |
(4) In sub‑paragraph (2), “specified property” means any of the following:| (a) | a property named “Crea Adachi” situated in Adachi City, Tokyo Prefecture, Japan; | | (b) | a property named “Will‑Mark Kashiihama” situated in Fukuoka City, Fukuoka Prefecture, Japan. |
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