The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 9/2023 on income tax issued relating to the transfer of a business segment. --- Advance Ruling Summary No. 9/2023 1. Subject: a. Whether the transfer of certain business segment ("Business Segment X") from Company A to a newly incorporated Singapore company ("NewCo") is a capital transaction and therefore the gain (if any) arising therefrom is not subject to tax under the Income Tax Act 1947 (2020 Revised Edition) (the "ITA"), except for the transfer of inventory (where the rules under Section 32 of the ITA will apply, where...