Tax Newsflash: Clarification on the Definition of “Issued Securities” Under the Offshore Fund Regime

May 2018

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The Offshore Fund Scheme (the “Scheme”) provided under section 13CA of the Income Tax Act is one of the commonly used safe harbour provisions by offshore funds managed by a fund management company in Singapore. The Scheme provides Singapore tax exemption on “specified income” derived by a “prescribed person” from “designated investments. It is a self-assessment scheme that does not require an application to the authorities provided the requisite conditions to be a “prescribed person” are met. The Scheme also imposes qualifying investors test where non-qualifying investors are subject to financial penalty.

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Chris Woo
Tax Leader, PwC Singapore
Tel: +65 9118 0811

Abhijit Ghosh
Partner, Tax, PwC Singapore
Tel: +65 8223 0698

Paul Lau
Partner, Tax, PwC Singapore
Tel: +65 6236 3733

Tan Tay Lek
Partner, Tax, PwC Singapore
Tel: +65 9179 2725

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