§ 13M — Exemption of income derived from asset securitisation transaction

13M.—(1) There is exempt from tax, subject to such conditions as may be prescribed by regulations, income derived by an approved securitisation company resident in Singapore from asset securitisation transaction entered into during the period from 27 February 2004 to 31 December 2028 (both dates inclusive).[45/2018]

[Act 30 of 2023 wef 30/10/2023]

(2) Regulations made under subsection (1) may provide for the deduction of expenses, allowances and losses of an approved securitisation company otherwise than in accordance with this Act.

(3) Despite anything in this section, where it appears to the Comptroller that any income of an approved securitisation company which has been exempted from tax under subsection (1) ought not to have been so exempted for any year of assessment, the Comptroller may, at any time within 4 years after the expiry of that year of assessment, make such assessment or additional assessment upon the company as may appear to be necessary in order to make good any loss of tax.

(3A) Parts 17 and 18 (relating to assessments, objections and appeals) and any rules made under this Act apply, with the necessary modifications, as if an assessment under subsection (3) were a notice of assessment.

(4) In this section —“approved securitisation company” means a company incorporated in Singapore principally to conduct asset securitisation transaction and is approved by the Minister or an authorised body;[Act 41 of 2020 wef 06/12/2022]

“asset securitisation transaction” means the acquisition of assets (other than immovable property in Singapore) or risks by an approved securitisation company where the acquisition of such assets or risks is funded through the issuance of asset‑backed securities by the company.[13P

—(1) There is exempt from tax, subject to such conditions as may be prescribed by regulations, income derived by an approved securitisation company resident in Singapore from asset securitisation transaction entered into during the period from 27 February 2004 to 31 December 2028 (both dates inclusive).[45/2018]

[Act 30 of 2023 wef 30/10/2023]

(2) Regulations made under subsection (1) may provide for the deduction of expenses, allowances and losses of an approved securitisation company otherwise than in accordance with this Act.

(3) Despite anything in this section, where it appears to the Comptroller that any income of an approved securitisation company which has been exempted from tax under subsection (1) ought not to have been so exempted for any year of assessment, the Comptroller may, at any time within 4 years after the expiry of that year of assessment, make such assessment or additional assessment upon the company as may appear to be necessary in order to make good any loss of tax.

(3A) Parts 17 and 18 (relating to assessments, objections and appeals) and any rules made under this Act apply, with the necessary modifications, as if an assessment under subsection (3) were a notice of assessment.

(4) In this section —“approved securitisation company” means a company incorporated in Singapore principally to conduct asset securitisation transaction and is approved by the Minister or an authorised body;[Act 41 of 2020 wef 06/12/2022]

“asset securitisation transaction” means the acquisition of assets (other than immovable property in Singapore) or risks by an approved securitisation company where the acquisition of such assets or risks is funded through the issuance of asset‑backed securities by the company.[13P