The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 9/2022, concerning whether the transfer of fixed assets to a new company would be regarded as a capital transaction and not subject to income tax.
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Advance Ruling Summary No. 9/2022
Subject:
Whether the transfer of Company A's Fixed Assets (as elaborated below) to a newly incorporated Singapore company ("NewCo") is regarded as a capital transaction, such that any gain arising therefrom is capital in n…