The Inland Revenue Authority of Singapore (IRAS) released the updated version of its e-Tax guide, Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/Asset (Tenth Edition) on 10 June, 2024.
The guide explains the scenarios and conditions under which tax exemption under section 13(12) of the Income Tax Act 1947 (“ITA”) may be granted to resident taxpayers with effect from 31 May, 2006.
This new e-Tax guide also provides clarification about the qualifying conditions for the S-REIT exemption, specifying that remitted income, after deducting qualifying expenses, must be distributed to the S-REIT as dividends or trust distributions.
