Singapore Subsidiary Wins $13.6m Case Against Taxman

The much awaited outcome of an appeal by a Singapore subsidiary of a Malaysian listed company was finally decided in its favour against IRAS.

This case was about IRAS determining the Financing Arrangement that the Singapore subsidiary entered into as falling under Income Tax Act’s section 33 General Anti Avoidance Rule.

The High Court disagreed with the approach adopted by the Comptroller of Income Tax in disregarding the unacceptable Financing Arrangement.

It was quite an unexpected decision and we will see whether IRAS decides to appeal.


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