Income Tax (Exemption of Income of Approved Venture Company) (Amendment) Regulations 2026

Income Tax (Exemption of Income of Approved Venture Company) (Amendment) Regulations 2026 Status:
Published in Subsidiary Legislation Supplement

on 15 Apr 2026

-

No. S 221
| Income Tax Act 1947 |

| Income Tax
(Exemption of Income of
Approved Venture Company)
(Amendment) Regulations 2026 |

| In exercise of the powers conferred by section 13G of the Income Tax Act 1947, the Minister for Finance makes the following Regulations: |

| Citation and commencement |
1. —(1)  These Regulations are the Income Tax (Exemption of Income of Approved Venture Company) (Amendment) Regulations 2026.
| (2)  Regulations 2 and 3 are deemed to have come into operation on 19 February 2020. |

| (3)  Regulation 4 is deemed to have come into operation on 1 April 2020. |

| (4)  Regulation 5 is deemed to have come into operation on 31 December 2021. |

| Amendment of regulation 2 |

| 2. In the Income Tax (Exemption of Income of Approved Venture Company) Regulations (Rg 22) (called in these Regulations the principal Regulations), in regulation 2(1), replace “approved investment” with “authorised investment”. |

| Amendment of regulation 3 |
3. In the principal Regulations, in regulation 3 —
| (a) | in paragraphs (a) and (b)(iii), replace “approved investment” wherever it appears with “authorised investment”; and |
| (b) | in paragraph (b)(i), replace “approved investments” with “authorised investments”. |

| Replacement of regulation 3 and new regulations 4 and 5 |
4. In the principal Regulations, replace regulation 3 with —
| “ Computation of gains or losses from disposal of authorised investment |

| 3. In computing the gains or losses of an approved venture company from the disposal of any authorised investment for the purpose of determining the specified income of the company under these Regulations, authorised investment purchased by the company on an earlier date is treated as having been disposed of first. |

| Specified income if derived before 1 April 2020 |
4. —(1)  In these Regulations, the following income of an approved venture company derived by it before 1 April 2020 from making authorised investments, is specified income of the company:
| (a) | dividends derived from outside Singapore and received by the company in Singapore from authorised investments in any company not resident in Singapore; |
| (b) | interest derived from outside Singapore and received by the company in Singapore in respect of any approved convertible loan stock of a company not resident in Singapore; |
| (c) | gains or profits derived from Singapore or received by the company in Singapore from outside Singapore from the disposal of authorised investments. |

| (2)  In paragraph (1), “authorised investments” has the meaning given by paragraph (a) of the definition of that term in section 13H(18) of the Act. |

| Specified income if derived on or after 1 April 2020 |
5. —(1)  In these Regulations, the following income of an approved venture company derived by it on or after 1 April 2020 from making authorised investments, is specified income of the company:
| (a) | income or gains derived from those authorised investments; |
| (b) | gains or profits derived from the disposal of those authorised investments. |
(2)  However, paragraph (1) does not apply to any income or gain from making authorised investments that is —
| (a) | derived or deemed to be derived from Singapore; and |
| (b) | paid out of income of a company formed under the laws of any state of the United States of America as a limited liability company, or under the laws of any other foreign country as a limited liability company or its equivalent, being income on which tax is paid or payable in Singapore. |
(3)  The following are “authorised investments” for the purposes of paragraph (b) of the definition of that term in section 13H(18) of the Act:
| (a) | stocks and shares of any company, other than a company that is —
| (i) | in the business of the trading or holding of Singapore immovable properties (other than the business of property development); and |
| (ii) | not listed on a stock exchange in Singapore or elsewhere; | | (i) | in the business of the trading or holding of Singapore immovable properties (other than the business of property development); and | (ii) | not listed on a stock exchange in Singapore or elsewhere; |
| (ii) | not listed on a stock exchange in Singapore or elsewhere; |
| (b) | bonds, notes, commercial papers, treasury bills and certificates of deposit, but excluding those that are not qualifying debt securities and that are issued by any company that is —
| (c) | deposits held with any financial institution; |
| (d) | foreign exchange transactions; |
| (e) | interest rate or currency contracts on a forward basis, interest rate or currency options, interest rate or currency swaps, and any financial derivative relating to any authorised investment specified in this paragraph, or any financial index; |
| (f) | loans, credit facilities and advance payments, but excluding loans, credit facilities and advance payments that are —
| (i) | granted to any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development); |
| (ii) | used to finance or re‑finance the acquisition of Singapore immovable properties; or |
| (iii) | used to acquire stocks, shares, debt or any other securities, that are issued by any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development); | | (i) | granted to any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development); | (ii) | used to finance or re‑finance the acquisition of Singapore immovable properties; or | (iii) | used to acquire stocks, shares, debt or any other securities, that are issued by any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development); |
| (iii) | used to acquire stocks, shares, debt or any other securities, that are issued by any company that is not listed on a stock exchange in Singapore or elsewhere and that is in the business of the trading or holding of Singapore immovable properties (other than one that is in the business of property development); |
| (g) | membership or similar interests in a company formed under the laws of any state of the United States of America as a limited liability company, or under the laws of any other foreign country as a limited liability company or its equivalent, that does not carry on any trade, business, profession or vocation in Singapore; |
| (h) | accounts receivables and letters of credits. |

| (4)  In this regulation, “financial derivative” and “qualifying debt securities” have the meanings given by section 13(16) of the Act. ”. |

| Replacement of references relating to Act because of 2020 Revised Edition |

| 5. In the principal Regulations, in regulations 4(2) and 5(3) (as inserted by regulation 4), replace “section 13H(18)” with “section 13G(18)”. |
[G.N. Nos. S 678/2016; S 306/2024]
| Made on 12 April 2026. |

| NGIAM SIEW YING |
Second Permanent Secretary,
Ministry of Finance,
Singapore.
| [AG/LEGIS/SL/134/2025/13] |