The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 3/2025 on income tax issues relating to the transfer of a business.
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Advance Ruling Summary No. 3/2025
1. Subject:
a. Whether the proposed transfer of the entire banking business of Bank A to a new Singapore branch (the "Transferee") of a foreign bank ("Bank B") is treated as a capital transaction and any gains arising therefrom should not result in any income tax liability to Bank A under the Income …