The e-Tax Guide has been updated with the following changes:
Inserted paragraphs 3.2 and 3.3, and amended paragraphs 3.10, 7.1, 7.2, 8.3, 10.1 and Annex 1 to reflect the tax changes announced in Budget 2025
Updated paragraph 3.4 and Annex 2 to include section 13OA of the ITA and the expansion of scope under section 13V of the ITA.
Updated paragraph 6.8 to highlight that incorrect classification of distribution that should be treated as a return of capital is not regarded as difference to be included as RIA
Updated paragraph 8.1 to highlight that incorrect distribution disclosure affecting the tax liability of the unitholders constitutes an offence under section 95 of the ITA
Amended paragraphs 8.2, 8.7 and 15.1 to make clear the tax treatment of distributions made out of tax deferred distributions, anticipated income and distributions in excess of available income
Deleted footnote in paragraph 6.4a and previous paragraph 8.8 as they are no longer relevant
Inserted footnote 35 to make clear the tax treatment of a REIT’s share of tax transparent income of its approved sub-trust when there are changes in its unitholding
Inserted footnote 37 to make clear that the source of surplus cash must be funds from the core activities of the S-REIT and it excludes gains from disposal of immovable property
Updated paragraph 16.1 on the requirement to include the distribution schedule in the tax computation and inserted Annex 6 to include a template of REIT Distributions Tracking Schedule
The e-Tax Guide has been updated with the following changes:
Paragraph 3.4 – Included a new paragraph on the refinement for S-REITs as announced in Budget 2025.
Paragraph 5.2 – Updated the tax treatment of S-REITs prior to YA 2024.
Paragraphs 2.1(b), 5.3(b), 5.5(f), 5.6, 5.8, example 2 in Annex 2 and Annex 4 – Removed the requirement for the company to be incorporated in Singapore with effect from 19 February 2025.
Paragraph 5.4 – Updated to include foreign-sourced rental and ancillary income remitted into Singapore from 19 February 2025.
Paragraph 5.5 – Updated the header of the table to include foreign-sourced rental and ancillary income.
Paragraph 5.5(d) – Updated to clarify that the funds channelled out of Singapore may be used to finance investments in overseas property.
Paragraph 5.5(f) – Updated that the remitted income (net of qualifying expenses) can be passed through to the S-REIT in the form of repayment of shareholder loans and return of capital, and that Singapore sub-trust can deduct other operational expenses against its income before remitting the remaining amount to the S-REIT. This change took effect from 19 February 2025.
Paragraphs 5.8 and 6.7 – Updated the extension of the section 13(12) tax exemption for S-REIT and qualifying offshore infrastructure project/asset.
Annex 4 – Removed footnote 1 and updated section 3 of the Section 13(12) Declaration Form.
FAQ 22 (A Singapore company sells a foreign asset and receives a promissory note as consideration. The note document is brought into Singapore. Is this considered as remittance of the gain from disposal of the foreign asset?) has been removed pending further review.