INTERNATIONAL TAX PLAZA - Singapore – IRAS issues e-Tax Guide: Income Tax Treatment of a Trust registered under the Business Trusts Act

(October 10, 2014)

On October 10, 2014 the Inland Revenue Authority of Singapore (IRAS) published the e-Tax Guide: Income Tax Treatment of a Trust registered under the Business Trusts Act. The e-Tax Guide provides details on the Singaporean income tax treatment of a trust which is registered under the Singaporean Business Trusts Act and is applicable to trustee-managers or unit holders of a registered business trust.

A trust registered under the Singaporean Business Trusts Act (“registered business trust”) is treated like a company for Singaporean income tax purposes.

The e-Tax Guide sets out how certain corporate tax features are to be applied to a registered business trust. Subjects that are discussed include a.o.:

group relief;
application of “shareholding test”;
election of section 24 for the sale of property;
mergers and acquisitions scheme;
gains on disposal of shares.

For further information click here to be forwarded to the e-Tax Guide as published on the website of IRAS, which will open in a new window.