IRAS Updates e-Tax Guide on Tax Framework for Transfer of Business by Insurers

The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide, Tax Framework for Transfer of Business by Insurers (Third Edition). The e-Tax Guide outlines the tax framework and guidelines for Singapore-incorporated licensed insurers transferring their businesses under section 117 of the Insurance Act 1966. The guide specifically details how the tax rules typically used for corporate amalgamations, and the associated tax benefits, are adapted to apply to insurance bus…