The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 8/2022, concerning whether the transfer of a business as a going concern would be regarded as a capital transaction and not subject to income tax.
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Advance Ruling Summary No. 8/2022
Subject:
- Whether the transfer of Company A's operating business as a going concern to a newly incorporated Singapore company ("NewCo") is regarded as a capital transaction, such that the gains arising therefrom are capital…