A strong reciprocal relationship has existed between Singapore Company Law (“SCL”) and the economy since Independence in 1965. Swift Parliamentary responses to economic events and successful implementation of Government policies has made it possible to clearly attribute cause and effect to...

As taxpayers in Singapore deal with a radically changed business environment due to COVID-19, there is a need to make non-routine decisions quickly. These decisions can have significant tax implications, which will likely manifest themselves later as the economy recovers. It is critical for...

The Singapore Variable Capital Company (“VCC”) offers a new structuring option for funds. This article considers the features of the VCC in terms of structure, operational aspects and commercial considerations, against the backdrop of similar structures in the BVI and Labuan. It submits...

In the Draft Goods and Services Tax (Amendment) Bill 2020 (the “Draft Bill”), Singapore proposes a new framework to deal with the problem of MTF. The approach is neatly summarized by a document released by the Singapore Ministry of Finance: “Annex: Proposed Changes to the Goods and...

The issue of whether the incorporating of companies by professionals in Singapore constitutes tax avoidance has attracted considerable attention. The recent case of GCL v. CIT provides some guidance in this area. It reaffirms the general two-part test in CIT v. AQQ, requiring one to first apply...

With the rapid development of the digital economy and the increasing importance of GST as a source of tax revenue, the Singapore Government has proposed several reforms to tighten the collection of tax revenue and tap its tax base more efficiently. The reforms focus on activating the currently...

Section 10(1) of the Income Tax Act (Cap. 134, 2014 Rev. Ed.) (“ITA”) is the charging provision which provides for income tax to be payable for each year of assessment (“YA”) upon the income of any person. Income is taxable if it falls within one of the enumerated heads of charge under...

A new dimension to the determination and computation of stamp duties payable in corporate transactions has been introduced due to the Additional Conveyance Duties (“ACD”) Regime. For companies with significant residential property holdings, liability to pay ACD potentially extends to all...

This chapter is divided into three main parts: 1) international tax law, 2) domestic tax law, and 3) tax and regulation. The first part deals with the international tax system and the way it has been affected by technology. This part will focus on income tax. Existing rules of nexus,...

Singapore’s Finance Minister Heng Swee Keat announced tax changes in his 2019 budget statement, which was delivered in Parliament on February 18 2019. These changes need to be appreciated in the broader context of the need for ongoing transformation of Singapore’s economy to capture...