Singapore Tax Agency Updates E-Tax Guide on Tax Framework for Variable Capital Companies

The Singaporean Inland Revenue Authority April 22 updated an e-Tax guide on the tax framework of variable capital companies (VCCs). Updated topics include: 1) clarification that for claiming tax benefits under a DTA with Singapore, a sub-fund’s tax reference number is included in a certificate of residence (COR) issued to an umbrella VCC; 2) the ineligibility of VCCs under Income Tax Act 1947 for the rebate for companies listing shares on a Singaporean stock exchange; 3) information on an exemption for qualifying foreign-sourced income, applicable at the sub-fund level; and 4) the increases, to 50 percent from 40 percent, in ...