Glossary · tax
Section 13D
Also known as: Section 13D scheme
- Definition
- Section 13D of the Singapore Income Tax Act exempts specified income from designated investments derived by prescribed non-resident persons — individuals, companies or trust entities — whose fund is managed or advised by a fund management company in Singapore. It is self-assessed, with no MAS approval, and expires on 31 December 2029.
Where 13O covers Singapore-resident fund companies (13OA, Singapore-registered limited partnerships) and 13U covers approved fund vehicles in any jurisdiction, 13D covers non-resident funds — commonly offshore vehicles (Cayman, BVI or Bermuda) managed from Singapore. From YA 2028 the Singapore fund manager must employ at least 1 qualifying investment professional. A 30/50 investor rule applies: a resident non-individual investor may not own more than 30% of a fund with fewer than 10 investors, or 50% of a fund with 10 or more, or a penalty applies to that investor's income from the fund. A fund cannot claim both 13D and 13U. Section 13CA was renumbered 13D in the Income Tax Act 1947, 2020 Revised Edition (in force 31 December 2021).
Source: Income Tax Act 1947
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