On November 3, 2015 the Inland Revenue Authority of Singapore (IRAS) published IRAS e-Tax Guide – INCOME TAX TREATMENT OF REAL ESTATE INVESTMENT TRUSTS (Fourth Edition). According to Paragraph 17 “Updates and Amendments” the amendments made to the Guide since its Third Edition was published on June 19, 2015 include a.o:

a)     Paragraph 6.2 – Removed the condition that the trustee is not allowed to distribute any gain from disposal of immovable properties or shares until the CIT agrees on the nature and taxability of the gain.

b)     Paragraph 6.4 – Deleted the words “to be” since distributions were already made at the point of submitting the tax return.

c)     Paragraphs 8.2, 8.5 and 8.6 – Replaced “non-taxable income” with “non-taxable income/receipts.”

d)     Annex 2 – Removed the condition that for the purpose of applying for tax transparency treatment, the trustee and manager are required to jointly undertake not to distribute any gain arising from the disposal of any immovable properties or shares until the CIT agrees on the nature of the gain.

Click here to be forwarded to “IRAS e-Tax Guide – INCOME TAX TREATMENT OF REAL ESTATE INVESTMENT TRUSTS (Fourth Edition)” as published on the website of the Inland Revenue Authority of Singapore.

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