INCOME TAX ACT 1947 新加坡《所得税法》

繁星追梦

PART 20A

EXCHANGE OF INFORMATION UNDER AVOIDANCE

OF DOUBLE TAXATION ARRANGEMENTS AND

EXCHANGE OF INFORMATION ARRANGEMENTS

Interpretation of this Part
105A.—(1)  In this Part —
“avoidance of double taxation arrangement” means an arrangement having effect under section 49;
“competent authority”, in relation to a prescribed arrangement, means a person or an authority whom the Comptroller is satisfied is authorised to make a request to the Comptroller for information —
(a)        if it is an avoidance of double taxation arrangement, under the EOI provision of the arrangement; or
(b)        if it is an EOI arrangement, under the provisions of the arrangement;
“exchange of information arrangement” or “EOI arrangement” means an arrangement having effect under section 105BA;
“exchange of information provision” or “EOI provision”, in relation to an avoidance of double taxation arrangement, means a provision in that arrangement which provides expressly for the exchange of information concerning the tax positions of persons;
“prescribed arrangement” means an avoidance of double taxation arrangement which contains an EOI provision, or an EOI arrangement;
“tax position”, in relation to a person, means the person’s position —
(a)        as regards any tax —
(i)        of the country with whose government the avoidance of double taxation arrangement or EOI arrangement in question was made; and
(ii)        that is covered by the EOI provision of the avoidance of double taxation arrangement or by the EOI arrangement; or
(b)        as regards —
(i)        past, present and future liability to pay any tax mentioned in paragraph (a);
(ii)        penalties, interest and other amounts that have been paid, or are or may be payable, by or to the person in connection with any such tax; and
(iii)        claims, elections, applications and notices that have been or may be made or given in connection with any such tax.
(2)  A reference in this Part to the tax position of a person includes a reference to the tax position of —
(a)        a person (not being an individual) that has ceased to exist; and
(b)        an individual who has died.

(3)  A reference in this Part to the tax position of a person is a reference to the person’s tax position at any time or in relation to any period, unless otherwise stated in the prescribed arrangement in question.

(4)  To avoid doubt, the reference to tax in the definition of “tax position” in subsection (1) is a reference to any type of tax that is covered by the EOI provision of the avoidance of double taxation arrangement in question or by the EOI arrangement in question, and is not limited to income tax or tax of a similar character.

(5)  In relation to an EOI arrangement which is a multilateral treaty referred to in section 105BA(1A) —
(a)        the reference in the definition of “competent authority” to a person or an authority authorised under the provisions of the EOI arrangement to make a request to the Comptroller for information is a reference to a person or an authority of a country that is a Party to the treaty authorised to make such a request; and
(b)        the reference in the definition of “tax position” to any tax of the country with whose government the EOI arrangement was made and that is covered by the arrangement, is a reference to any tax of a country that is a Party to the treaty and covered by the treaty.
[37/2014]

Purpose of this Part
105B.  The purpose of this Part is to facilitate the disclosure of information to a competent authority —
(a)        under an avoidance of double taxation arrangement in accordance with the EOI provision in that arrangement; or
(b)        under and in accordance with an EOI arrangement.

Exchange of information arrangement
105BA.—(1)  If the Minister by order declares that an arrangement specified in the order has been made with the government of any country, or the governments of 2 or more countries, outside Singapore for the exchange of information concerning the tax positions of persons (whether upon request by an authority of a country to the arrangement or otherwise), and that it is expedient that that arrangement should have effect, then the arrangement has effect despite anything in any written law.
[37/2014; 2/2016]
(1A)  An arrangement under subsection (1) includes a multilateral treaty to which Singapore is a Party, the purpose or one of the purposes of which is the exchange of information concerning the tax positions of persons (whether upon request by an authority of a Party to the treaty or otherwise).
[37/2014; 2/2016]

(2)  An order made under this section may be revoked by a subsequent order.

(3)  Where an arrangement has effect by virtue of this section, the obligation as to secrecy imposed by section 6 does not prevent the disclosure to the competent authority under the arrangement of such information as is required to be disclosed under the arrangement.

105C.  [Repealed by Act 19 of 2013]

Request for information
105D.—(1)  The competent authority under a prescribed arrangement may make a request to the Comptroller for information concerning the tax position of any person in accordance with —
(a)        if it is an avoidance of double taxation arrangement, the EOI provision of that arrangement; or
(b)        if it is an EOI arrangement, the provisions of that arrangement.
(2)  Unless the Comptroller otherwise permits, the request must set out the information prescribed in the Eighth Schedule.
(3)  Every request is subject to and must be dealt with in accordance with the terms of the prescribed arrangement.
(4)  For the purposes of subsection (3), the terms of the prescribed arrangement are not to be construed in such a way as to prevent the Comptroller from complying with, or to permit the Comptroller to decline to comply with, a request for information merely because —
(a)        Singapore does not need the information for its own tax purposes; or
(b)        the information is held by a bank or other financial institution, a nominee or a person acting in an agency or a fiduciary capacity, or it relates to the ownership interests in an entity.

Comptroller to serve notice of request on certain persons
105E.—(1)  After receipt of a request under section 105D for any information which, in the Comptroller’s opinion, is information mentioned in subsection (2), the Comptroller must serve notice of the request on the person identified in the request as the person in relation to whom the information is sought.
(1A)  Where the request mentioned in subsection (1), in the Comptroller’s opinion, does not contain sufficient information for the Comptroller to serve notice under subsection (1), the Comptroller must, after he or she discovers such information from information already in the Comptroller’s possession or obtained under section 105F or 105G, serve notice of the request on that person.
[37/2014]

(2)  The information mentioned in subsection (1) or (1A) is information that is protected from unauthorised disclosure under —
(a)        section 47 of the Banking Act 1970 including that section as applied by section 55ZI(1) of that Act; or
(b)        section 49 of the Trust Companies Act 2005.
[37/2014; 1/2020]

(3)  [Deleted by Act 19 of 2013]

(4)  Notice under subsection (1) or (1A) need not be served on any person —
(a)        if the Comptroller —
(i)        does not have any information of the person upon whom service may be effected in accordance with section 8;
(ii)        is of the opinion that this is likely to prevent or unduly delay the effective exchange of information under the prescribed arrangement; or
(iii)        is of the opinion that this is likely to prejudice any investigation into any alleged breach of any law relating to tax of the country of the competent authority making the request (whether the breach would result in the imposition of a criminal or civil penalty); or
(b)        on such other ground as may be prescribed under section 105H.
[37/2014]

(5)  Rules made under section 105H may provide for the particulars to be given in a notice under subsection (1) or (1A).
[37/2014]

Power of Comptroller to obtain information
105F.—(1)  Sections 65 to 65D (except section 65B(1D)) have effect for the purpose of enabling the Comptroller to obtain any information for the purpose of complying with a request under section 105D; and section 65E also has effect in relation to a notice issued under section 65B for the purpose of complying with such a request.
[45/2018]

(2)  For the purpose of subsection (1) —
(a)        the reference in section 65 to the purpose of obtaining full information in respect of any person’s income is a reference to the purpose mentioned in subsection (1);
(b)        a reference in section 65B to the purposes of this Act is a reference to the purpose mentioned in subsection (1); and
(c)        references in section 65B to proceedings for an offence under this Act, proceedings for the recovery of tax or penalty and proceedings by way of an appeal against an assessment are references to proceedings for an offence under the law relating to tax of the country of the competent authority making the request, proceedings for the recovery of tax or penalty under such law, and proceedings by way of an appeal against an assessment or equivalent procedure under such law, respectively.
Power of Comptroller to obtain information from other authorities
105G.—(1)  For the purpose of complying with a request under section 105D, the Comptroller may request the Comptroller of Goods and Services Tax, the Comptroller of Property Tax, the Chief Assessor or the Commissioner of Stamp Duties to transmit information in his or her possession to the Comptroller.
(2)  Despite any obligation as to secrecy imposed under any written law or rule of law, the Comptroller of Goods and Services Tax, the Comptroller of Property Tax, the Chief Assessor or the Commissioner of Stamp Duties may transmit to the Comptroller information requested by him or her under subsection (1).

Information may be used for administration of Act
105GA.  To avoid doubt, any information obtained under section 105F or 105G may be used not only for the purpose of complying with a request under section 105D, but also for any purpose connected with the administration of this Act, including the investigation or a prosecution for an offence alleged or suspected to have been committed under this Act.

Rules for purposes of this Part
105H.  The Minister may make rules —
(a)        to prescribe anything which may be prescribed under this Part; and
(b)        for the purposes of carrying out the provisions of this Part.

Confidentiality requirements for judicial review proceedings
105HA.—(1)  This section applies to a judicial review instituted by any person in respect of —
(a)        any action taken by the Comptroller to obtain information to comply with a request made under section 105D;
(b)        any disclosure or intended disclosure by the Comptroller of information pursuant to an arrangement that has effect under section 49 or 105BA; or
(c)        any action taken by the Comptroller under this Part or a failure to take such action,
as well as any proceedings in court (however instituted) for a liquidated sum, damages, equitable relief or restitution if a Mandatory Order, Prohibiting Order, Quashing Order or declaration is made pursuant to the judicial review.
[37/2014]

(2)  In any proceedings to which this section applies, no person may inspect or take a copy of any of the following documents without the permission of court:
(a)        a request made under section 105D;
(b)        any document relating to the request which is given by or to the Comptroller, to or by the competent authority or a person acting on behalf of the competent authority.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(3)  Permission is not to be given under subsection (2) in relation to any document if the court is satisfied that the competent authority has requested the Comptroller not to disclose that document to any person.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(4)  A court may, in any proceedings to which this section applies, on the application of the Comptroller, make such order as it may consider necessary to ensure the confidentiality of anything relating to those proceedings.
[37/2014]

(5)  Every application, affidavit or other document filed with the court for the purpose of any proceedings to which this section applies is to be sealed upon the request of the applicant or the Comptroller.
[37/2014]

(6)  All proceedings to which this section applies are to be heard in private.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(7)  No information relating to any proceedings to which this section applies may be published without the permission of court; and permission is not to be given unless the court is satisfied that the information, if published in accordance with such directions as it may give, would not reveal any matter that —
(a)        the Comptroller;
(b)        the person from whom the Comptroller obtains the information; or
(c)        the person in relation to whom information is sought,
reasonably wishes to remain confidential.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(8)  In this section, “judicial review” includes proceedings instituted by way of —
(a)        an application for a Mandatory Order, a Prohibiting Order or a Quashing Order; or
(b)        an application for a declaration or an injunction, or any other suit or action, relating to or arising out of any matter referred to in subsection (1)(a) to (c).
[37/2014]

繁星追梦

PART 20B

INTERNATIONAL AGREEMENTS TO

IMPROVE TAX COMPLIANCE

Interpretation of this Part
105I.  In this Part —
“Action 13 Report” means the Transfer Pricing Documentation and Country‑by‑Country Reporting, Action 13 — 2015 Final Report published by the Organisation for Economic Co‑operation and Development on 5 October 2015;
“CbCR exchange agreement” means a bilateral or multilateral agreement that is based on a model agreement in the Action 13 Report, and that requires the exchange of country‑by‑country reports;
“competent authority agreement” means a bilateral or multilateral agreement to improve international tax compliance based on the standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Co‑operation and Development;
“country‑by‑country report” means a report by that name mentioned in the Action 13 Report, to be made in the format set out in the Report;
“international tax compliance agreement” means an agreement or arrangement that is declared by the Minister, by an order under section 105K, as an international tax compliance agreement;
“person” has the meaning given by section 2(1) and includes a partnership.
[15/2016; 34/2016]
Purpose of this Part
105J.  The purpose of this Part is to implement Singapore’s obligations under an international tax compliance agreement, and to enable country‑by‑country reports to be filed with the Comptroller in accordance with the Action 13 Report.
[34/2016]

International tax compliance agreements
105K.—(1)  The Minister may by order declare any of the following as an international tax compliance agreement for the purposes of this Part:
(a)        the agreement reached between the Government and the Government of the United States of America to facilitate compliance by financial institutions and other persons in Singapore with the Foreign Account Tax Compliance Act of the United States of America (FATCA);
(aa)        a competent authority agreement between —
(i)        the Government and —
(A)        the government of another country; or
(B)        the governments of 2 or more countries; or
(ii)        the Minister or the Minister’s authorised representative and —
(A)        the authority of another country that exercises a power or carries out a duty corresponding to a power or duty of the Minister or representative; or
(B)        the authorities of 2 or more countries that exercise powers or carry out duties corresponding to a power or duty of the Minister or representative;
(ab)        a CbCR exchange agreement between —
(i)        the Government and —
(A)        the government of another country; or
(B)        the governments of 2 or more countries; or
(ii)        the Minister or the Minister’s authorised representative and —
(A)        the authority of another country that exercises a power or carries out a duty corresponding to a power or duty of the Minister or representative; or
(B)        the authorities of 2 or more countries that exercise powers or carry out duties corresponding to a power or duty of the Minister or representative;
(b)        any agreement modifying or supplementing an agreement in paragraph (a), (aa) or (ab);
(c)        any other agreement or arrangement that makes provision corresponding, or substantially similar, to that made by an agreement in paragraph (a), (aa), (ab) or (b), between —
(i)        the Government and —
(A)        the government of another country; or
(B)        the governments of 2 or more countries; or
(ii)        the Minister or the Minister’s authorised representative and —
(A)        the authority of another country that exercises a power or carries out a duty corresponding to a power or duty of the Minister or representative; or
(B)        the authorities of 2 or more countries that exercise powers or carry out duties corresponding to a power or duty of the Minister or representative.
[15/2016; 34/2016; 39/2017]

(2)  An order under subsection (1) may only take effect on or after the date on which the agreement or arrangement enters into force for Singapore or, where there is more than one agreement or arrangement under the order, may only take effect in relation to each agreement or arrangement on or after the date on which that agreement or arrangement enters into force for Singapore.
[39/2017]

Provision of information to Comptroller
105L.—(1)  Subject to subsection (5), a person falling within any description of persons prescribed by regulations (called in this section a prescribed person) must provide the Comptroller (or such other person as may be authorised by the Comptroller) with information of a description prescribed by those regulations.
[15/2016]
(1A)  The information under subsection (1) must be provided —
(a)        at such times and frequency as may be prescribed by the regulations or as the Comptroller may in any particular case allow;
(b)        in such form and manner as may be prescribed by the regulations or as the Comptroller may in any particular case allow; and
(c)        using the electronic service, except that the Comptroller may in any particular case or class of cases permit the information to be given in any other manner.
[15/2016]
(1B)  In subsection (1), the reference to a person falling within any description of persons prescribed by regulations —
(a)        excludes one given a written notice by the Comptroller pursuant to a regulation made under section 105P(2)(ba)(i); and
(b)        includes one given a written notice by the Comptroller pursuant to a regulation made under section 105P(2)(ba)(ii).
[34/2016]

(2)  A prescribed person is not excused from providing the information by reason only that the person is under a duty not to collect, use or disclose that information, whether imposed by written law, rule of law, any contract or any rule of professional conduct, in respect of that information.
[2/2016]

(3)  A prescribed person who in good faith and with reasonable care does any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any duty mentioned in subsection (2).
[2/2016]

(4)  No civil or criminal action for a breach of any such duty, other than a criminal action for an offence under section 105M(3), shall lie against the prescribed person —
(a)        for producing any document or providing any information if the person had done so in good faith and with reasonable care in compliance with subsection (1); or
(b)        for doing or omitting to do any act if the person had done or omitted to do the act in good faith and with reasonable care and for the purpose of, or as a result of complying with subsection (1).
[2/2016]

(5)  Despite subsection (2), subsection (1) does not apply to any information subject to legal privilege.

Offences
105M.—(1)  Any person who, without reasonable excuse, fails or neglects to comply with —
(a)        section 105L(1); or
(b)        any regulation made under section 105P that requires the person to apply to the Comptroller for registration or report any information to the Comptroller,
shall be guilty of an offence.
[27/2021]
(1A)  Any person who is convicted of an offence under subsection (1) shall be liable —
(a)        to a fine not exceeding $5,000 and in default of payment to imprisonment not exceeding 6 months; and
(b)        in the case of a continuing offence, to a further fine not exceeding $100 for every day or part of a day during which the offence continues after conviction.
[27/2021]
(1B)  Any person who, without reasonable excuse, fails or neglects to comply with any requirement imposed by regulations made under section 105P, other than a requirement mentioned in subsection (1)(b), shall be guilty of an offence and shall be liable on conviction —
(a)        to a fine not exceeding $1,000 and in default of payment to imprisonment not exceeding 6 months; and
(b)        in the case of a continuing offence, to a further fine not exceeding $50 for every day or part of a day during which the offence continues after conviction.
[27/2021]

(2)  The Comptroller may compound any offence under subsections (1) and (1B).
[Act 33 of 2022 wef 04/11/2022]

(3)  Any person who, in purported compliance with section 105L(1), produces to the Comptroller any document which contains any information, or provides to the Comptroller any information, known to the person to be false or misleading in a material particular —
(a)        without indicating to the Comptroller that the information is false or misleading and the part that is false or misleading; and
(b)        without providing correct information to the Comptroller if the person is in possession of, or can reasonably acquire, the correct information,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
(3A)  Where —
(a)        a person (X), in order to comply with a regulation mentioned in section 105P(2)(c), requests another person (Y) to provide any information contemplated by an agreement mentioned in section 105P(1) to establish Y’s residence for a tax purpose contemplated by that agreement; and
(b)        Y, in purported compliance with that request, provides any such information to X which Y knows is false or misleading in any material particular,
Y shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
[15/2016]
(3B)  Where —
(a)        X, in order to comply with a regulation mentioned in section 105P(2)(c), requests Y to provide any information contemplated by an agreement mentioned in section 105P(1) to establish another person’s (Z) residence for a tax purpose contemplated by that agreement; and
(b)        Z provides any such information, whether directly or indirectly, to X or Y which Z knows is false or misleading in any material particular,
Z shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
[15/2016]

(4)  In subsection (3), references to the Comptroller include any other person authorised by the Comptroller.
[37/2014]

Anti‑avoidance
105MA.—(1)  If —
(a)        a person enters into any arrangements or takes any action; and
(b)        in the Comptroller’s view, the main purpose, or one of the main purposes of the person in entering into the arrangements or in taking the action is to avoid any obligation under, or to circumvent the application of section 105L or any regulation made under section 105P,
then the Comptroller may in writing direct a relevant person that section 105L or the regulation has effect in relation to the relevant person as if the arrangements had not been entered into or the action had not been taken, and section 105L or the regulation then applies accordingly.
[37/2014]

(2)  In subsection (1), “relevant person” means a person who is subject to section 105L or the regulation, and whom the Comptroller considers should receive the direction.
[37/2014]

Power of Comptroller to obtain information
105N.—(1)  Sections 65 to 65D (except section 65B(1D)) have effect for the purpose of enabling the Comptroller to obtain any information for the purpose of —
(a)        complying with any provision of an international tax compliance agreement;
(b)        enabling Singapore to carry out its obligations under any provision of such agreement; or
(c)        determining whether a person has complied with any regulation made under section 105P.
[15/2016; 45/2018]

(2)  For the purpose of subsection (1) —
(a)        the reference in section 65 to the purpose of obtaining full information in respect of any person’s income is a reference to the purpose mentioned in subsection (1);
(b)        a reference in section 65B to the purposes of this Act is a reference to the purpose mentioned in subsection (1);
(c)        references in section 65B to proceedings for an offence under this Act, proceedings for the recovery of tax or penalty and proceedings by way of an appeal against an assessment are each a reference to proceedings for an offence under this Part;
(d)        the Comptroller may authorise —
(i)        an officer of the Monetary Authority of Singapore; or
(ii)        an accountant,
under section 4(1) to perform or assist in the performance of a duty of the Comptroller under section 65, 65A or 65B; and
(e)        section 65E has effect in relation to a notice issued under section 65B for a purpose mentioned in subsection (1).
[2/2016; 15/2016; 34/2016]

Information may be used for administration of Act
105O.  To avoid doubt, any information provided or obtained under section 105L or 105N may be used for any purpose connected with the administration of this Act, including the investigation or a prosecution for an offence alleged or suspected to have been committed under this Act.

Regulations to implement international tax compliance agreements, etc.
105P.—(1)  The Minister may make regulations for, or in connection with, giving effect to or enabling effect to be given to —
(a)        an international tax compliance agreement; or
(b)        any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1).
[15/2016]
(1A)  The Minister may also make regulations to enable the Comptroller to obtain a country‑by‑country report or its equivalent from a prescribed person who is resident in Singapore or has a permanent establishment in Singapore in prescribed circumstances.
[45/2018]

(2)  Without limiting subsection (1), regulations under subsection (1) may —
(a)        prescribe anything which may be prescribed under this Part;
(b)        for the purpose of section 105L, prescribe different descriptions of information, forms and manners of provision of the information, and times and frequencies for the provision of the information, in relation to different international tax compliance agreements, different persons or under different circumstances;
(ba)        where the international tax compliance agreement in question is a CbCR exchange agreement, or the regulation is for the purpose in subsection (1A), enable the Comptroller —
(i)        after taking into account prescribed factors, to give written notice to a prescribed person that the person need not comply with section 105L or any other obligation of a prescribed person under the regulations; and
(ii)        if the Comptroller considers appropriate after taking into account those factors, to give written notice to one or more other persons to discharge those obligations in place of the prescribed person mentioned in sub‑paragraph (i);
(c)        impose on a person —
(i)        audit requirements for the purpose of determining the extent of compliance by the person with the regulations made under this section (including requiring the person’s internal auditor or appointing another person to carry out an audit, and report the results of the audit to the Comptroller);
(ii)        due diligence requirements;
(iii)        registration and other requirements; and
(iv)        a requirement that the person inform the Comptroller if the person wishes to authorise another person to perform any requirement under section 105L(1) or sub‑paragraphs (i), (ii) and (iii) on the person’s behalf,
being requirements that —
(v)        are required or permitted to be imposed under an international tax compliance agreement on any person to whom the agreement applies; or
(vi)        may facilitate the implementation of any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1);
(ca)        provide that a contravention of any specified provision is an offence;
(cb)        enable the Comptroller to appoint another person to carry out an audit for the purpose of determining the extent of compliance by a person with the regulations made under this section; and
(d)        contain incidental, transitional or saving provisions.
[37/2014; 15/2016; 34/2016]

(3)  Regulations under subsection (1) may give force of law to any provision of an international tax compliance agreement, whether with or without any modification.

Duty to provide information under regulations prevails over duty of secrecy, etc.
105PA.—(1)  This section applies where a regulation made under section 105P imposes a duty on a person (A) to —
(a)        provide any information to another person;
(b)        require A’s internal auditor or appoint another person to carry out an audit for the purpose of determining the extent of compliance by A with the regulation;
(c)        carry out any due diligence requirements; or
(d)        provide any information to —
(i)        A’s internal auditor or the appointed person mentioned in paragraph (b); or
(ii)        a person appointed by the Comptroller to carry out an audit.
[15/2016]

(2)  A is not excused from complying with a duty mentioned in subsection (1) by reason only that A is under a duty not to collect, use or disclose any information, whether imposed by written law, rule of law, any contract or any rule of professional conduct.
[15/2016]

(3)  A who in good faith and with reasonable care does any act for the purpose of complying with the regulation mentioned in subsection (1) is not to be treated as being in breach of any duty mentioned in subsection (2).
[2/2016]

(4)  No civil or criminal action for a breach of any such duty, other than criminal action for an offence under section 105M (if applicable), lies against A —
(a)        for producing any document or providing any information if A does so in good faith and with reasonable care in compliance with the regulation mentioned in subsection (1); or
(b)        for doing or omitting to do any act if A does or omits to do the act in good faith and with reasonable care and for the purpose of or as a result of complying with the regulation mentioned in subsection (1).
[2/2016]

(5)  Despite subsection (2), subsection (1) does not apply to any information subject to legal privilege.
[2/2016]

Confidentiality requirements for judicial review proceedings
105Q.—(1)  This section applies to a judicial review instituted by any person in respect of —
(a)        any action taken by the Comptroller to obtain information for the purpose of complying with any provision of an international tax compliance agreement or to enable Singapore to carry out its obligations under any provision of such agreement;
(b)        any disclosure or intended disclosure of information pursuant to an international tax compliance agreement; or
(c)        any action taken by the Comptroller under this Part or a failure to take such action,
as well as any proceedings in court (however instituted) for a liquidated sum, damages, equitable relief or restitution if a Mandatory Order, Prohibiting Order, Quashing Order or declaration is made pursuant to the judicial review.
[37/2014]

(2)  In any proceedings to which this section applies, no person may inspect or take a copy of any of the following documents without the permission of court:
(a)        a request for information made under any provision of the international tax compliance agreement;
(b)        any document relating to the request which is given by or to the Comptroller, to or by the authority making the request or a person acting on behalf of the authority.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(3)  Permission is not to be given under subsection (2) in relation to any document if the court is satisfied that the authority mentioned in that subsection has requested the Comptroller not to disclose that document to any person.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(4)  A court may, in any proceedings to which this section applies, on the application of the Comptroller, make such order as it may consider necessary to ensure the confidentiality of anything relating to those proceedings.
[37/2014]

(5)  Every application, affidavit or other document filed with the court for the purpose of any proceedings to which this section applies is to be sealed upon the request of the applicant or the Comptroller.
[37/2014]

(6)  All proceedings to which this section applies are to be heard in private.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(7)  No information relating to any proceedings to which this section applies may be published without the permission of court; and permission is not to be given unless the court is satisfied that the information, if published in accordance with such directions as it may give, would not reveal any matter that —
(a)        the Comptroller;
(b)        the person from whom the Comptroller obtains the information; or
(c)        the person in relation to whom information is sought,
reasonably wishes to remain confidential.
[37/2014]
[Act 25 of 2021 wef 01/04/2022]

(8)  In this section, “judicial review” includes proceedings instituted by way of —
(a)        an application for a Mandatory Order, a Prohibiting Order or a Quashing Order; or
(b)        an application for a declaration or an injunction, or any other suit or action, relating to or arising out of any matter referred to in subsection (1)(a) to (c).
[37/2014]

繁星追梦

PART 21

MISCELLANEOUS

Revocation of approval
105R.—(1)  This section applies where —
(a)        either —
(i)        a person is approved by the Minister, an authorised body or a person appointed by the Minister (called in this subsection the approving authority) under a prescribed section for a tax incentive to be applied to the person’s income under that provision or regulations made under that provision; or
[Act 41 of 2020 wef 06/12/2022]
(ii)        a matter is approved by an approving authority under a prescribed section for a tax incentive to be applied to a person’s income under that provision or regulations made under that provision; and
(b)        the person fails to comply with a condition of the approval.
[32/2019]
(2)  The approving authority may, by written notice, require the person to show cause, within 30 days after the date the notice is served on the person or such longer period as the approving authority may permit in a particular case, why the approval should not be revoked.
[32/2019]

(3)  If the approving authority is satisfied, having regard to the person’s representation and all the relevant circumstances of the case, that it is just and reasonable to do so, the approving authority may revoke the approval, and the revocation is effective from a date specified by the approving authority to the person.
[32/2019]

(4)  The approving authority may specify any date for the revocation to take effect, including (if it is just and reasonable to do so) —
(a)        a date before the date of the non‑compliance with the condition; or
(b)        if the condition is to be complied with over a period of time, before the date of commencement of that period.
[32/2019]

(5)  The revocation of an approval under this section does not affect the operation of any provision of this Act providing for other consequences for a breach of a condition of the approval.
[32/2019]

(6)  To avoid doubt, where —
(a)        a tax incentive has been applied to any income of the person under a prescribed section, or an order under section 13(12);
(b)        the tax incentive would not have been applied to the person’s income if the person or matter were not an approved person or matter under the prescribed section on the date the relevant income accrued to or was derived or received by the person, or the relevant expenditure was incurred by the person, as the case may be; and
(c)        the approval is revoked under this section with effect from or before that date,
the Comptroller may make an assessment or additional assessment under section 74 on the person.
[32/2019]

(7)  This section applies to an approval given under a prescribed section whether before, on or after 2 December 2019.
[32/2019]

(8)  In this section —
(a)        a prescribed section is a section of the Act specified in the Fourth Schedule;
(b)        a tax incentive is any of the following:
(i)        an exemption from tax;
(ii)        a concessionary rate of tax;
(iii)        a deduction or an allowance;
(iv)        a reduction of the statutory income of a person;
(c)        a tax incentive that is an exemption from tax is applied to a person’s income if any income of the person becomes exempt from tax;
(d)        a tax incentive that is a concessionary rate of tax is applied to a person’s income if tax is levied on any income of the person at that rate;
(e)        a tax incentive that is a deduction or an allowance is applied to a person’s income if it is allowed or made for any expenditure in ascertaining the person’s chargeable income; and
(f)        a tax incentive that is a reduction of the statutory income of a person is applied to a person’s income if such reduction is made to the person’s statutory income.
[32/2019]

Conditions for application of tax incentive treated as conditions of approval
105S.—(1)  This section applies to each of the following approvals made before 2 December 2019:
(a)        an approval of a Finance and Treasury Centre of a company under section 43E for tax at a concessionary rate to be levied on the company’s income under regulations made under that section;
(b)        an approval of a person under section 43I, 43J, 43K, 43L, 43N, 43O, 43Q, 43R or 43S, for tax at a concessionary rate to be levied on the person’s income under that section or regulations made under that section, as the case may be.
[32/2019]

(2)  For the purposes of section 105R, every condition imposed or specified before the date mentioned in subsection (1) under section 43G(2), 43P(2), 43Q(2), 43R(2), 43W(3), 43Y(2), 43Z(3), 43ZB(3), 43ZC(3) or 43ZD(3) of this Act as in force immediately before that date, in relation to a Finance and Treasury Centre or person, is treated as a condition imposed on the approval of the Finance and Treasury Centre or person (as the case may be) under the corresponding section mentioned in subsection (1).
[32/2019]

(3)  In this section, “Finance and Treasury Centre” has the meaning given by section 43E.
[32/2019]

Powers to amend Schedules
106.—(1)  Parliament may, by resolution, add to, vary or revoke the whole or any part of any Schedule.

(2)  Parliament may, by resolution, exempt any person or class of persons from all or any of the provisions of this Act.

(3)  The Minister may, by order in the Gazette, amend, add to or revoke the whole or any part of the First, Fourth, Sixth, Seventh, Eighth, Ninth, Tenth and Eleventh Schedules.
[45/2018; 32/2019; 41/2020]
[Act 33 of 2022 wef 04/11/2022]

Variable capital companies or VCCs
107.—(1)  For the purposes of this Act, and subject to the modifications in this section and the rules under subsection (30), a reference to a company in this Act and the subsidiary legislation made under it includes a VCC.
[28/2019]

(2)  Accordingly, a reference to a body of persons (by reason of it being defined in section 2(1) as excluding a company) excludes a VCC.
[28/2019]

Chargeable or exempt income of umbrella VCC
(3)  Subject to the modifications in this section and the rules under subsection (30), a reference in this Act and the subsidiary legislation made under it to the chargeable income or exempt income of a person that is an umbrella VCC is to the total of the chargeable income or exempt income (as the case may be) of each of its sub‑funds.
[28/2019]

(4)  For the purpose of determining the chargeable income or exempt income of a sub‑fund under subsection (3), the provisions of this Act and the subsidiary legislation made under it (as modified by subsection (1)) apply as if each sub‑fund were a VCC, with the following modifications:
(a)        a reference to a trade or business carried on by a VCC is to a trade or business carried on by the umbrella VCC in relation to the sub‑fund;
(b)        a reference to income derived or received by a VCC is to income derived or received by the umbrella VCC in relation to the sub‑fund (called in this section income of a sub‑fund);
(c)        a reference to any outgoing or expense incurred by a VCC in producing income is to either or both of the following (called in this section an expense of a sub‑fund):
(i)        any outgoing or expense incurred in producing income of the sub‑fund;
(ii)        the amount of any outgoing or expense allocated to the sub‑fund by the umbrella VCC in accordance with section 29(3) of the VCC Act;
(d)        a reference to any capital expenditure incurred by a VCC for the purpose of a trade or business is to either or both of the following (called in this section a capital expenditure of a sub‑fund):
(i)        any capital expenditure incurred for the purpose of a trade or business carried on by the umbrella VCC in relation to the sub‑fund;
(ii)        the amount of any capital expenditure allocated to the sub‑fund by the umbrella VCC in accordance with section 29(3) of the VCC Act;
(e)        a reference to any loss incurred by a VCC in carrying on a trade or business is to any loss incurred by the umbrella VCC in carrying on a trade or business in relation to the sub‑fund (called in this section a loss of a sub‑fund);
(f)        a reference to a donation made by a VCC is to a donation made by the umbrella VCC for the purpose of the sub‑fund (called in this section a donation of a sub‑fund);
(g)        a reference to a payment or distribution made to a VCC is to a payment or distribution made to the umbrella VCC for the sub‑fund;
(h)        a reference in sections 23, 37 and 37D to shareholders of a VCC is to holders of shares of the umbrella VCC in respect of the sub‑fund;
(i)        a sub‑fund is resident in Singapore if its umbrella VCC is resident in Singapore, and a sub‑fund is resident outside Singapore if its umbrella VCC is resident outside Singapore.
[28/2019]

(5)  Subsection (4) does not apply to any provision of this Act that is replaced with another provision under this section for the purpose of subsection (3).
[28/2019]

(6)  To avoid doubt —
(a)        the umbrella VCC is not entitled to any further deduction for any expense, capital expenditure, loss or donation of a sub‑fund taken into account in determining the chargeable income or exempt income of the sub‑fund; and
(b)        any expense, capital expenditure, loss or donation of a sub‑fund is not available for deduction against the income of another sub‑fund or any other income of the umbrella VCC.
[28/2019]

(7)  Each part of the chargeable income of an umbrella VCC that is chargeable income of a sub‑fund is subject to tax at the rate to which that part would have been subject had the sub‑fund been a VCC.
[28/2019]

Segregated liabilities of sub‑funds
(8)  The amount of any tax attributable to any part of the chargeable income of an umbrella VCC that is chargeable income of a sub‑fund, together with any interest or penalty imposed under section 85(2) or 87 in respect of such amount, is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.
[28/2019]

(9)  Any fine or penalty imposed on, or composition sum that may be paid by, an umbrella VCC for an offence under this Act that is committed in respect of any information or other matter concerning a sub‑fund, is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.
[28/2019]

(10)  Any fine or penalty imposed on, or composition sum that may be paid by, an umbrella VCC for an offence under this Act and to which subsection (9) does not apply, is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of all of its sub‑funds.
[28/2019]

Deductions not allowed
(11)  A VCC may not be allowed any deduction under sections 14A, 14B, 14C, 14D, 14E, 14EA, 14F, 14G, 14H, 14I, 14J, 14K, 14L, 14M, 14N, 14S, 14U, 14Z, 14ZG and 37O (including the subsidiary legislation made under them, where applicable) and accordingly may not be approved (where applicable) under them.
[28/2019; 41/2020]
[Act 30 of 2023 wef 30/10/2023]

(12)  Despite subsection (1), no transfer of any deduction may be made under section 37B —
(a)        by a VCC to any claimant company or VCC of the same group; or
(b)        by a transferor company to any VCC of the same group.
[28/2019]

Application of section 13G
(12A)  Section 13G and the regulations made under it apply for the purpose of determining the exempt income of a sub‑fund under subsection (3) as if it were an approved venture company under that section if the umbrella VCC of the sub‑fund is approved for the purpose of that section.
[41/2020]

Application of sections 13O and 13U
(13)  Section 13O and the regulations made under it apply for the purpose of determining the exempt income of a sub‑fund under subsection (3) as if it were an approved company under that section if the umbrella VCC of the sub‑fund is approved for the purpose of that section.
[28/2019]

(14)  Where the relevant owner mentioned in section 13O(3) is an umbrella VCC, the amount of any financial penalty under that provision that it is liable for is considered (for the purpose of section 29 of the VCC Act) liability incurred by it for the purpose of its sub‑funds, and the amount of such liability in relation to each sub‑fund is computed in accordance with the formula

where —
(a)        A is the total value of issued securities held by the umbrella VCC for the sub‑fund on the relevant day as defined in section 13O(8);
(b)        B is the total value of all the issued securities held by the umbrella VCC for all its sub‑funds on the relevant day as defined in section 13O(8); and
(c)        C is the amount of the penalty.
[28/2019]

(15)  Section 13U and the regulations made under it apply for the purpose of determining the exempt income of a sub‑fund under subsection (3) as if it were —
(a)        an approved person under that section;
(b)        the approved master fund of an approved master fund‑SPV structure, master‑feeder fund‑SPV structure or master‑feeder fund structure under that section; or
(c)        an approved feeder fund of an approved master‑feeder fund‑SPV structure or master‑feeder fund structure under that section,
if its umbrella VCC is approved by the Minister or an authorised body for the purpose of that section.
[28/2019]
[Act 41 of 2020 wef 06/12/2022]

(16)  The amount of any tax recoverable from the umbrella VCC under the regulations made under section 13U that is attributable to any income of a sub‑fund, is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.
[28/2019]
Application of section 13W

(17)  Section 13W in Part 1 of the Third Schedule applies in place of section 13W for the purpose of determining the exempt income of a sub‑fund under subsection (3) from the disposal of —
(a)        ordinary shares in a company (other than a VCC); or
(b)        ordinary shares in a VCC (called in this subsection and subsection (18) VCC X).
[28/2019]

(18)  Where VCC X is an umbrella VCC, section 13W in Part 1 of the Third Schedule applies for the purpose of determining the exempt income of a sub‑fund under subsection (3) with the following further modifications:
(a)        the section is to be applied in relation to the disposal of ordinary shares of VCC X in respect of each sub‑fund as if VCC X only has that one sub‑fund;
(b)        accordingly, a reference in the section to the legal and beneficial ownership of any ordinary shares in a VCC is to the legal and beneficial ownership of ordinary shares in VCC X in respect of that sub‑fund.
[28/2019]

(19)  Section 13W applies for the purpose of determining the exempt income of a company (including a non‑umbrella VCC but excluding an umbrella VCC) from the disposal of ordinary shares in an umbrella VCC with the following modifications:
(a)        the section is to be applied in relation to the disposal of ordinary shares of the umbrella VCC in respect of each sub‑fund as if the umbrella VCC only has that one sub‑fund;
(b)        accordingly, a reference in that section to the legal and beneficial ownership of any ordinary shares in a VCC is to the legal and beneficial ownership of ordinary shares in the umbrella VCC in respect of that sub‑fund.
[28/2019]

(20)  In subsections (17), (18) and (19), “ordinary share”, in relation to a VCC, means any share other than a share that carries only a right to any dividend which is —
(a)        of a fixed amount or at a fixed rate per cent of the value of the share; or
(b)        either —
(i)        where the VCC is a non‑umbrella VCC, of a fixed rate per cent of the profits of the non‑umbrella VCC; or
(ii)        where the VCC is an umbrella VCC, of a fixed rate per cent of the profits of the umbrella VCC in relation to the sub‑fund in respect of which the share was issued.
[28/2019]

Application of sections 34D, 34E and 34F
(21)  Section 34D applies for the purpose of determining the chargeable income or exempt income of a sub‑fund under subsection (3), and section 34E applies for the recovery of any surcharge resulting from any adjustment by the Comptroller under section 34D as applied by this subsection, subject to the following modifications:
(a)        a sub‑fund is treated as a person;
(b)        a person is related to a sub‑fund if it is related to the sub‑fund in such manner as may be prescribed by rules made under section 7.
[28/2019]

(22)  Any surcharge under section 34E as applied by subsection (21) is recoverable from the umbrella VCC and constitutes a liability incurred by the umbrella VCC for the purpose of the sub‑fund concerned for the purpose of section 29 of the VCC Act.
[28/2019]

(23)  Section 34F applies to an umbrella VCC —
(a)        as if a reference to the gross revenue of a company is to the gross revenue of any of its sub‑funds; and
(b)        as if a reference to a transaction undertaken by a company with a related party is to a transaction undertaken by the umbrella VCC for the purpose of any of its sub‑funds with any person that is related to the sub‑fund in such manner as may be prescribed by rules made under section 7.
[28/2019]

Application of sections 34G and 34H
(24)  Sections 34G and 34H apply to a body corporate incorporated outside Singapore that is a non‑umbrella VCC registered as a VCC under Part 12 of the VCC Act, as they apply to a redomiciled company as defined in section 34G, subject to the following modifications:
(a)        a reference to the registration date of a redomiciled company or an approved redomiciled company is to the date of registration of the VCC specified in the notice of transfer of registration issued to it under section 135(3) of the VCC Act;
(b)        a reference to the place of incorporation of an approved redomiciled company is to the jurisdiction where the VCC was domiciled at the time it applied for registration under Part 12 of the VCC Act;
(c)        section 34G(9) does not apply except in respect of section 14R;
(d)        section 34G(20A), (20B) and (20C) does not apply.
[28/2019]

(25)  Section 34G in Part 2 of the Third Schedule applies in place of section 34G for the purpose of determining under subsection (3) the chargeable income or exempt income of a sub‑fund of a body corporate incorporated outside Singapore that is registered as a VCC under Part 12 of the VCC Act and that is an umbrella VCC (called in this section a redomiciled umbrella VCC).
[28/2019]

(26)  Section 34H in Part 2 of the Third Schedule applies in place of section 34H for the purpose of determining the tax credits for a redomiciled umbrella VCC.
[28/2019]

Application of sections 45, 45A, 45AA, 45B, 45D and 45F
(27)  Where —
(a)        section 45, 45A, 45AA, 45D or 45F applies to any payment by an umbrella VCC for the purpose of a sub‑fund; or
(b)        section 45B applies to any remuneration payable by an umbrella VCC to a director of the VCC that is allocated by the VCC to a sub‑fund,
any resulting debt mentioned in that section (including, where applicable, section 45 as applied by that section), together with any penalty or fine imposed on the VCC, or composition sum that may be paid by the VCC, for an offence under that section (including, where applicable, section 45 as applied by that section), that is committed in relation to such income is considered (for the purpose of section 29 of the VCC Act) liability incurred by the VCC for the purpose of the sub‑fund.
[28/2019]

Application of sections 50, 50A and 50C
(28)  Sections 50, 50A and 50C in Part 3 of the Third Schedule apply in place of sections 50, 50A and 50C respectively, in a case where the income in question is that of an umbrella VCC.
[28/2019]

Miscellaneous
(29)  Rules made for the purposes mentioned in subsections (21)(b) and (23)(b) may make different provisions for different circumstances.
[28/2019]

(30)  The Minister may, for a period of 2 years starting on the date of commencement of the Variable Capital Companies (Miscellaneous Amendments) Act 2019, make rules to prescribe further modifications to any provision of this Act in its application to a VCC, an umbrella VCC or a sub‑fund of an umbrella VCC.
[28/2019]

Advance rulings
108.—(1)  The Comptroller may, on an application made by a person in accordance with Part 1 of the Seventh Schedule, make a ruling on any of the matters specified in that Part in accordance with that Part.

(2)  Part 1 of the Seventh Schedule applies to and in connection with an application under subsection (1) and any ruling made by the Comptroller under that subsection.

(3)  The fees specified in Part 2 of the Seventh Schedule are payable to and retained by the Authority in respect of any application under subsection (1).

(4)  The Authority may, in exceptional circumstances in its discretion, waive in whole or in part any fee payable by an applicant under subsection (3).

(5)  In this section, “Authority” means the Inland Revenue Authority of Singapore established under section 3 of the Inland Revenue Authority of Singapore Act 1992.