Document Text Contents
Page 1
Tax Facts & Figures*
2008 Singapore
(Incorporating 2008 Budget Proposals)
*connected thinking
Page 32
28 ����
Tax Incentives – Investments (continued)
Type ++ Requirements Incentives Relief Period
v) have all its issued shares held in
trust for the benefit of 1 or more
organisations or institutions that
are established for charitable,
benevolent or philanthropic
purposes; the trust must be
administered by a trust
company in Singapore;
vi) transact any cross-currency or
interest rate swaps with a swap
counterparty in Singapore;
vii) be tax resident in Singapore;
viii) ensure that all debt securities
issued are qualifying debt
securities and the size of the
issuances is not less than $20
million. W.e.f. 16 February
2008, the ASPV is allowed to
issue non-qualifying debt
securities; and
ix) not have 30% or more of the
issued debt securities
beneficially held or funded by
the originator.
iv) Stamp duty
remission for
transfer of
specified assets
into the ASPV.
i) Approved Ship Investment
Manager (ASIM) incorporated in
Singapore to manage an
Approved Ship Investment
Vehicle (ASIV).
10% tax on qualifying
management income.
10 years, with
window
approval period
from 1 March
2006 to 28
February 2011.
• Maritime
Finance
Incentive
(MFI)
MPA
ii) ASIV that is a company
incorporated and tax resident in
Singapore or a registered
business trust engaged in the
chartering or finance leasing, for
operation in international traffic,
of:
a) ships to non-tax residents of
Singapore; and
b) Singapore-registered ships
or foreign-registered ships
to AIS companies.
Tax exemption on
qualifying lease
income.
Entire life of
qualifying vessel
acquired during
the 10-year
incentive period.
Page 33
���� 29
Tax Incentives – Investments (continued)
Type ++ Requirements Incentives Relief Period
iii) Approved Container Investment
Management Company (ACIM)
managing an Approved
Container Investment
Enterprise (ACIE).
10% tax on qualifying
management income.
Income derived
w.e.f. 1 April
2008, with
window
approval period
from 1 April
2008 to 28
February 2011.
iv) ACIE engaged in operating or
finance leasing of sea
containers to offshore and
onshore lessees.
v) Partnerships are eligible for the
above w.e.f. from 1 April 2008.
Further details to be released.
5% or 10% tax on
qualifying lease
income, depending on
local business
spending and
headcount
commitment levels.
Entire life of
qualifying
containers
acquired during
the 10-year
incentive period.
Window
approval period
from 1 April
2008 to 28
February 2011.
• Foreign
Investors
# The fund must be:
i) an account of an individual who
is not a citizen or resident of
Singapore, or a company/trust
not wholly owned by investors in
Singapore. The company or
trustee must be a non-resident
without any permanent
establishment in Singapore and
must not carry on business in
Singapore.
ii) managed by a fund manager in
Singapore that is a company
holding, or exempted from
holding, a capital markets
services licence under the
Securities and Futures Act for
fund management.
iii) invested in designated assets.
Investors must be the beneficial
owners of the funds managed.
Tax exemption on
qualifying income
derived by qualifying
investors which
include:
i) individuals;
ii) non-resident
non-individual
investors with no
permanent
establishment in
Singapore; and
iii) any investor that
beneficially owns
not more than 30%
or 50% of the value
of the fund, if the
fund has less than,
or 10 or more
investors
respectively.
Indefinite, w.e.f.
1 September
2007.
• Resident
Funds
MAS The fund must:
i) be a company incorporated and
tax resident in Singapore;
Tax exemption for
specified income from
designated
investments.
Indefinite, with
window
approval period
from 17
February 2006
to 16 February
2011.
Page 64
pwc.com/sg
© 2008 PricewaterhouseCoopers. All rights reserved.
Tax Facts & Figures*
2008 Singapore
(Incorporating 2008 Budget Proposals)
*connected thinking
Page 32
28 ����
Tax Incentives – Investments (continued)
Type ++ Requirements Incentives Relief Period
v) have all its issued shares held in
trust for the benefit of 1 or more
organisations or institutions that
are established for charitable,
benevolent or philanthropic
purposes; the trust must be
administered by a trust
company in Singapore;
vi) transact any cross-currency or
interest rate swaps with a swap
counterparty in Singapore;
vii) be tax resident in Singapore;
viii) ensure that all debt securities
issued are qualifying debt
securities and the size of the
issuances is not less than $20
million. W.e.f. 16 February
2008, the ASPV is allowed to
issue non-qualifying debt
securities; and
ix) not have 30% or more of the
issued debt securities
beneficially held or funded by
the originator.
iv) Stamp duty
remission for
transfer of
specified assets
into the ASPV.
i) Approved Ship Investment
Manager (ASIM) incorporated in
Singapore to manage an
Approved Ship Investment
Vehicle (ASIV).
10% tax on qualifying
management income.
10 years, with
window
approval period
from 1 March
2006 to 28
February 2011.
• Maritime
Finance
Incentive
(MFI)
MPA
ii) ASIV that is a company
incorporated and tax resident in
Singapore or a registered
business trust engaged in the
chartering or finance leasing, for
operation in international traffic,
of:
a) ships to non-tax residents of
Singapore; and
b) Singapore-registered ships
or foreign-registered ships
to AIS companies.
Tax exemption on
qualifying lease
income.
Entire life of
qualifying vessel
acquired during
the 10-year
incentive period.
Page 33
���� 29
Tax Incentives – Investments (continued)
Type ++ Requirements Incentives Relief Period
iii) Approved Container Investment
Management Company (ACIM)
managing an Approved
Container Investment
Enterprise (ACIE).
10% tax on qualifying
management income.
Income derived
w.e.f. 1 April
2008, with
window
approval period
from 1 April
2008 to 28
February 2011.
iv) ACIE engaged in operating or
finance leasing of sea
containers to offshore and
onshore lessees.
v) Partnerships are eligible for the
above w.e.f. from 1 April 2008.
Further details to be released.
5% or 10% tax on
qualifying lease
income, depending on
local business
spending and
headcount
commitment levels.
Entire life of
qualifying
containers
acquired during
the 10-year
incentive period.
Window
approval period
from 1 April
2008 to 28
February 2011.
• Foreign
Investors
# The fund must be:
i) an account of an individual who
is not a citizen or resident of
Singapore, or a company/trust
not wholly owned by investors in
Singapore. The company or
trustee must be a non-resident
without any permanent
establishment in Singapore and
must not carry on business in
Singapore.
ii) managed by a fund manager in
Singapore that is a company
holding, or exempted from
holding, a capital markets
services licence under the
Securities and Futures Act for
fund management.
iii) invested in designated assets.
Investors must be the beneficial
owners of the funds managed.
Tax exemption on
qualifying income
derived by qualifying
investors which
include:
i) individuals;
ii) non-resident
non-individual
investors with no
permanent
establishment in
Singapore; and
iii) any investor that
beneficially owns
not more than 30%
or 50% of the value
of the fund, if the
fund has less than,
or 10 or more
investors
respectively.
Indefinite, w.e.f.
1 September
2007.
• Resident
Funds
MAS The fund must:
i) be a company incorporated and
tax resident in Singapore;
Tax exemption for
specified income from
designated
investments.
Indefinite, with
window
approval period
from 17
February 2006
to 16 February
2011.
Page 64
pwc.com/sg
© 2008 PricewaterhouseCoopers. All rights reserved.
