Singapore Tax Agency Updates e-Tax Guide on Utilizing Unabsorbed Capital Allowances, Trade Losses, Donations

The Singaporean Inland Revenue Authority March 31 updated the e-Tax guide on procedures for utilizing unabsorbed capital allowances, trade losses, and donations. Topics covered include: 1) group relief allowing a company with current year unabsorbed capital allowances, trade losses, or donations, to transfer them to a related company for deduction against assessable income; 2) carryforward relief, including no time or amount limits on carryforward of unabsorbed capital allowances and unabsorbed trade losses, and five-year carryforward of unabsorbed donations with no amount limit; 3) carryback relief, including one-year and enhanced three-year carryback of current year unabsorbed capital allowances and unabsorbed trade ...