The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide, Income Tax Treatment of Hybrid Instruments (Third Edition). The e-Tax Guide sets out the income tax treatment of hybrid instruments, including the factors generally used to determine whether they are debt or equity instruments for income tax purposes. The Third Edition includes two main updates:
- The first update clarifies the approach of the Comptroller of Income Tax to characterising a hybrid instrument…