The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 9/2023 on income tax issued relating to the transfer of a business segment.
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Advance Ruling Summary No. 9/2023
1. Subject:
a. Whether the transfer of certain business segment ("Business Segment X") from Company A to a newly incorporated Singapore company ("NewCo") is a capital transaction and therefore the gain (if any) arising therefrom is not subject to tax under the Income Tax Act 1947 (2020 Revise…