Singapore Tax Agency Issues Advance Ruling Clarifying Taxation of Revaluation Gains Regarding Overseas Investment Shares

The Singaporean Inland Revenue Authority Sept. 1 issued Advance Ruling Summary No. 18/2025, clarifying the tax treatment of revaluation gains arising from shares in overseas investments upon liquidation. The taxpayer, a Singaporean investment holding company, owned a nonresident immediate holding company. The taxpayer planned to undergo liquidation, with the shares in the overseas investments expected to be distributed to the holding company as part of the liquidation proceeds upon the taxpayer’s liquidation. The taxpayer sought clarification regarding whether the revaluation gains arising from its shares in the overseas investments upon its liquidation would fall within the scope of section 10L ...