The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 6/2024 on the withholding tax treatment of discounts on the sale of trade receivables.
Advance Ruling Summary No. 6/2024
1. Subject:
a. Whether the "discount" on Company A's sale of trade receivables to banks, being non-tax resident persons, in discounting arrangements fall within the meaning of section 12(6)(a)(i) of the Income Tax Act 1947 ("ITA").
2. Relevant background and facts:
a. Company A is i…