The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 1/2024 on whether repayments upon liquidation are subject to Singapore income tax.
---
Advance Ruling Summary No. 1/2024
1. Subject:
a. Whether repayments (including retained earnings) to Company A upon liquidation of Company B ("Liquidation Proceeds") are subject to Singapore income tax under the provisions of the Income Tax Act 1947 (2020 Revised Edition) (the "ITA").
2. Relevant background and facts…