Statute Details
- Title: Income Tax (Exemption of Foreign Income) (No. 5) Order 2015
- Act Code: ITA1947-S360-2015
- Type: Subsidiary Legislation (SL)
- Authorising Act: Income Tax Act (Chapter 134)
- Enacting Authority: Minister for Finance
- Enabling Power: Section 13(12) of the Income Tax Act
- Making Date: 27 May 2015
- SL Citation: SL 360/2015
- Citation (Short Title): Income Tax (Exemption of Foreign Income) (No. 5) Order 2015
- Status: Current version as at 27 Mar 2026 (per the legislation record)
What Is This Legislation About?
The Income Tax (Exemption of Foreign Income) (No. 5) Order 2015 is a targeted tax exemption instrument made under the Income Tax Act. In plain terms, it grants specific Singapore companies exemptions from Singapore income tax on certain foreign-sourced payments they receive in Singapore—namely, dividends, interest, and certain partnership-style distributions described as “Tokumei-Kumiai distributions”.
Orders of this kind are typically used to implement tax outcomes that depend on the structure of an investment, the nature of the foreign payer, and the commercial and regulatory conditions attached to the exemption. Rather than creating a general rule for all taxpayers, this Order operates as a bespoke set of exemptions for named entities, covering defined categories of income and defined time periods (for example, “on or after” particular dates).
Practically, the Order reduces or eliminates Singapore tax exposure on specified foreign income streams for the listed companies, subject to conditions set out in letters of approval addressed to the companies’ tax agents. For practitioners, the key legal work is to identify (i) whether the taxpayer is one of the named recipients, (ii) whether the income type matches the Order’s description, and (iii) whether the conditions in the relevant approval letter have been satisfied.
What Are the Key Provisions?
1. Citation and scope of the Order (Section 1). Section 1 provides the short title and confirms that the Order is made under the Minister’s powers. The operative provisions are then set out in sections 2 to 7, each granting an exemption to a particular company (or group of companies) for specified foreign income received in Singapore.
2. Exemption for Tata Chemicals International Pte Ltd (Section 2). Section 2(1) grants Tata Chemicals International Pte Ltd an exemption from tax on dividends received in Singapore on 11 January 2013 from Gusiute Holdings (UK) Limited, a United Kingdom-incorporated company. This is a narrow exemption: it is tied to (a) the recipient (Tata Chemicals International Pte Ltd), (b) the income type (dividends), (c) the foreign payer (Gusiute Holdings (UK) Limited), and (d) the date of receipt (11 January 2013).
Section 2(2) makes the exemption conditional. The exemption is “subject to the terms and conditions specified in the letter of approval” dated 14 August 2013 addressed to Shanker Iyer Consultants Pte Ltd, the tax agent of Tata Chemicals International Pte Ltd. For legal practice, this means the exemption is not purely automatic; compliance with the approval letter’s conditions is a prerequisite. If the conditions are not met, the exemption may not apply, or may be withdrawn or challenged.
3. Exemptions for Parkway Life Japan2, Parkway Life Japan3, and Parkway Life Japan4 (Sections 3 to 5). Sections 3, 4 and 5 provide exemptions for three related entities—Parkway Life Japan2 Pte Ltd, Parkway Life Japan3 Pte Ltd, and Parkway Life Japan4 Pte Ltd—each concerning “Tokumei-Kumiai distributions” received in Singapore from specific Japanese counterparties.
For Parkway Life Japan2 Pte Ltd (Section 3), the exemption covers Tokumei-Kumiai distributions received in Singapore on or after 28 April 2014 from Godo Kaisha Tenshi 1 and Godo Kaisha Tenshi 2 (Japan-incorporated). The exemption is conditional on the terms in a letter of approval dated 29 May 2014 addressed to Parkway Trust Management Limited.
For Parkway Life Japan3 Pte Ltd (Section 4), the exemption covers Tokumei-Kumiai distributions received on or after 2 August 2013 from Godo Kaisha Healthcare 5, with conditions in a letter of approval dated 11 October 2013 addressed to Parkway Trust Management Limited.
For Parkway Life Japan4 Pte Ltd (Section 5), the exemption covers Tokumei-Kumiai distributions received on or after 18 October 2013 from Godo Kaisha Samurai 7 and Godo Kaisha Samurai 8, with conditions in a letter of approval dated 7 January 2014 addressed to Parkway Trust Management Limited.
4. Exemption for Mercuria Asia Group Holdings (Pte) Ltd (Section 6). Section 6(1) grants Mercuria Asia Group Holdings (Pte) Ltd an exemption from tax on dividends received in Singapore on or after 29 November 2013 from Mercuria Resources Labuan Ltd, a company incorporated in Labuan, Malaysia. Again, the exemption is tied to the recipient, the income type (dividends), the foreign payer, and the timing (“on or after” 29 November 2013).
Section 6(2) conditions the exemption on the terms and conditions in a letter of approval dated 15 August 2014 addressed to Ernst & Young Solutions LLP, the tax agent of Mercuria Asia Group Holdings (Pte) Ltd. This reinforces the practical point that the exemption is administered through an approval framework, and the approval letter is central evidence for entitlement.
5. Exemptions for Keppel DC Real Estate Investment Trust and related entities (Section 7). Section 7 is the most complex provision. It grants exemptions to Keppel DC Real Estate Investment Trust and several associated companies (Securus C100 Pte Ltd, Securus Netherlands 1 Pte Ltd, Securus Netherlands 2 Pte Ltd, and Securus GVP Pte Ltd). The exemptions cover dividends and/or interest received in Singapore on or after 10 February 2014 from specified foreign counterparties.
Section 7(1) provides that Keppel DC Real Estate Investment Trust is granted exemption from tax on the following income received in Singapore on or after 10 February 2014:
- Dividends and interest from Securus Guernsey 1 Limited and Securus Guernsey 2 Limited (Guernsey-incorporated);
- Dividends from Boxtel Investments Limited (British Virgin Islands-incorporated);
- Dividends from Basis Bay Capital Management Sdn Bhd (Malaysia-incorporated).
Section 7(2) grants Securus C100 Pte Ltd exemption from tax on dividends and interest received in Singapore on or after 10 February 2014 from Citadel 100 Datacentres Limited (Republic of Ireland).
Section 7(3) grants Securus Netherlands 1 Pte Ltd exemption from tax on dividends received in Singapore on or after 10 February 2014 from Securus Netherlands B.V. (Netherlands).
Section 7(4) grants Securus Netherlands 2 Pte Ltd exemption from tax on interest received in Singapore on or after 10 February 2014 from Securus Almere B.V. (Netherlands).
Section 7(5) grants Securus GVP Pte Ltd exemption from tax on dividends and interest received in Singapore on or after 10 February 2014 from Greenwich View Place Limited (Guernsey).
Section 7(6) again imposes conditionality: the exemptions in sub-paragraphs (1) to (5) are subject to the terms and conditions specified in a letter of approval dated 25 November 2014 addressed to KPMG Services Pte Ltd, the tax agent of Keppel DC Real Estate Investment Trust. For practitioners, this is a multi-entity approval framework: the same approval letter governs multiple exemptions across different recipients and different income types.
6. Formalities (Making date and signatory). The Order states it was made on 27 May 2015 by Lim Soo Hoon, Permanent Secretary (Finance) (Performance), Ministry of Finance, Singapore. This confirms the instrument’s validity as a subsidiary legislative act.
How Is This Legislation Structured?
This Order is structured as a short, provision-focused instrument with a simple hierarchy:
- Section 1 (Citation): sets out the short title.
- Sections 2 to 6 (Single-entity exemptions): each section grants an exemption to a named company for specified foreign income (dividends or Tokumei-Kumiai distributions) received in Singapore, with a corresponding approval-letter condition.
- Section 7 (Multi-entity exemptions): provides a consolidated set of exemptions for Keppel DC Real Estate Investment Trust and several related Securus entities, specifying income categories and foreign sources, again subject to an approval-letter condition.
Notably, the Order contains no general definitions section in the extract provided; instead, it relies on the specific descriptions of income types and counterparties within each exemption clause.
Who Does This Legislation Apply To?
The legislation applies only to the named Singapore taxpayers listed in the Order: Tata Chemicals International Pte Ltd; Parkway Life Japan2 Pte Ltd; Parkway Life Japan3 Pte Ltd; Parkway Life Japan4 Pte Ltd; Mercuria Asia Group Holdings (Pte) Ltd; Keppel DC Real Estate Investment Trust; and the specified Securus entities (Securus C100 Pte Ltd, Securus Netherlands 1 Pte Ltd, Securus Netherlands 2 Pte Ltd, and Securus GVP Pte Ltd).
It does not operate as a general exemption for all companies receiving foreign dividends or distributions. A practitioner should therefore treat the Order as a taxpayer-specific entitlement document. Even for the named recipients, the exemption applies only to the particular income streams described (dividends, interest, and Tokumei-Kumiai distributions) and only for the relevant receipt dates or “on or after” periods stated in the Order.
Why Is This Legislation Important?
This Order is important because it demonstrates how Singapore administers foreign income tax exemptions through subsidiary legislation tied to specific corporate transactions and structures. For lawyers advising on cross-border investments, withholding tax planning, or Singapore tax compliance, such Orders can materially affect the effective tax rate and the tax treatment of distributions.
From an enforcement and compliance perspective, the most legally significant feature is the conditionality. Each exemption is expressly “subject to the terms and conditions” in a particular letter of approval. In practice, this means that entitlement is not only a matter of matching the taxpayer and income description; it also depends on satisfying administrative and substantive conditions set by the tax authority (often reflected in structuring requirements, documentation, or ongoing compliance obligations). Practitioners should obtain and review the relevant approval letters and confirm that the facts align with the exemption’s scope.
Finally, because the Order is a “No. 5” exemption order, it sits within a broader legislative pattern. Companies may need to check whether other exemption orders (earlier or later) apply to their specific income streams, or whether amendments or new approvals supersede earlier arrangements. The record indicates a “current version as at 27 Mar 2026,” but the operative provisions are anchored to the making date and the specific receipt dates stated in the clauses.
Related Legislation
- Income Tax Act (Chapter 134): in particular, section 13(12) (the enabling provision for making exemption orders).
- Income Tax Act (Chapter 134) – Timeline / Legislation history: for confirming the relevant version and any subsequent amendments affecting the exemption framework.
Source Documents
This article provides an overview of the Income Tax (Exemption of Foreign Income) (No. 5) Order 2015 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.