Singapore Advance Ruling on Whether Profit Derived by a Partnership from the Sale of Business to a Company is Capital in Nature

The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 01/2024 on whether the profit derived by a partnership from the sale of its business to a company is capital in nature.

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Advance Ruling Summary No. 01/2024

Published on 28 Aug 2024

1. Subject:

Whether any profits derived by Partnership A from the proposed sale of the business to Company B is capital in nature and not subject to income tax under section 10(1) of the Income Tax Act 1947 (ITA), except …