§ 43V — Concessionary rate of tax for income derived from managing approved venture company

43V.—(1) Despite section 43, tax at the rate of 5% is to be levied and paid for each year of assessment upon the management fees and performance bonus derived by an approved fund management company on or after 1 April 2015 from managing authorised investments of an approved venture company under section 13G.[2/2016; 41/2020]

(2) The Minister or an authorised body may approve a fund management company for the purposes of subsection (1) at any time between 1 April 2015 and 31 December 2025 (both dates inclusive).[2/2016; 41/2020]

[Act 41 of 2020 wef 12/04/2024]

(3) The Minister or authorised body may, when granting the approval, impose such conditions on the fund management company as the Minister or authorised body considers appropriate.[2/2016]

[Act 41 of 2020 wef 12/04/2024]

(4) The approval under subsection (2) is for a period specified by the Minister or authorised body which must not exceed 10 years, except that the Minister or authorised body may extend the period for further periods not exceeding 5 years at any one time.[2/2016]

[Act 41 of 2020 wef 12/04/2024]

(5) Despite subsection (4), an approval granted under subsection (2) on or after 1 April 2020, and any extension of such approval, must each be for a period that does not exceed 5 years.[41/2020]

(6) In determining the amount of income subject to the concessionary rate of tax under subsection (1) —(a)

the allowances under section 19, 19A, 20, 21, 22 or 23 must be taken into account even if no claim for such allowances has been made; and

(b)

the Comptroller must determine the manner and extent to which —(i)

allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and

(ii)

any loss may be deducted under section 37.[2/2016]

(7) In this section —“authorised investments” has the meaning given by section 13G(18);

“fund management company” means a company incorporated in Singapore that is a fund manager.[43ZG

[2/2016; 34/2016; 41/2020]

—(1) Despite section 43, tax at the rate of 5% is to be levied and paid for each year of assessment upon the management fees and performance bonus derived by an approved fund management company on or after 1 April 2015 from managing authorised investments of an approved venture company under section 13G.[2/2016; 41/2020]

(2) The Minister or an authorised body may approve a fund management company for the purposes of subsection (1) at any time between 1 April 2015 and 31 December 2025 (both dates inclusive).[2/2016; 41/2020]

[Act 41 of 2020 wef 12/04/2024]

(3) The Minister or authorised body may, when granting the approval, impose such conditions on the fund management company as the Minister or authorised body considers appropriate.[2/2016]

[Act 41 of 2020 wef 12/04/2024]

(4) The approval under subsection (2) is for a period specified by the Minister or authorised body which must not exceed 10 years, except that the Minister or authorised body may extend the period for further periods not exceeding 5 years at any one time.[2/2016]

[Act 41 of 2020 wef 12/04/2024]

(5) Despite subsection (4), an approval granted under subsection (2) on or after 1 April 2020, and any extension of such approval, must each be for a period that does not exceed 5 years.[41/2020]

(6) In determining the amount of income subject to the concessionary rate of tax under subsection (1) —(a)

the allowances under section 19, 19A, 20, 21, 22 or 23 must be taken into account even if no claim for such allowances has been made; and

(b)

the Comptroller must determine the manner and extent to which —(i)

allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and

(ii)

any loss may be deducted under section 37.[2/2016]

(7) In this section —“authorised investments” has the meaning given by section 13G(18);

“fund management company” means a company incorporated in Singapore that is a fund manager.[43ZG

[2/2016; 34/2016; 41/2020]