The Inland Revenue Authority of Singapore (IRAS) published an e-tax guide (Second Edition) detailing the tax framework for variable capital companies (VCCs), a corporate structure designed for investment funds, on 31 May, 2024.
The Second Edition of the e-Tax guide includes several key updates.
Revisions in paragraphs 2.2 and 6.2 to address GST registration obligations under the reverse charge regime.
Amendments to the table in paragraph 5.8 concerning expenses under specific sections of the Income Tax Act (ITA), indicating that a VCC cannot claim a deduction.
Modifications to footnote 26 to incorporate the CIT rebate and CIT rebate cash grant introduced in Budget 2024.
Updates to footnote 36 to add Form C-S (Lite) alongside Form C-S, both of which remain inapplicable to VCCs.
