As announced in Budget 2012, the mergers and acquisitions allowance and stamp duty relief scheme ("M&A scheme") will be enhanced. Pursuant to an e-Tax Guide issued by the Inland Revenue Authority of Singapore (IRAS) on 28 June 2012, the existing M&A scheme will be enhanced as follows: –   the requirement that a wholly-owned acquiring subsidiary must be directly owned by the acquiring company is removed. The acquiring subsidiary may now be directly or indirectly wholly owned by the acquiring company. Where the wholly-owned acquiring subsidiary is indirectly owned by an acquiring company through any intermediate company, each intermediate company must: –   not carry...