Singapore Publishes Guide on the General Anti-avoidance Provision and its Application

On 11 July 2016, the Inland Revenue Authority of Singapore (IRAS) published a first edition e-Tax guide on the general anti-avoidance provision in section 33 of the Income Tax Act (ITA) and its application.

Arrangements Subject to Section 33

The general anti-avoidance provision applies to avoidance arrangements falling in four groups:

• Circular flow or round-tripping of funds;
• Setting-up of more than one entity for the sole purpose of obtaining tax advantage;
• Change in business form for th…