The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 4/2025 on whether a company is carrying on a trade or business or a passive investment holding company, and its income tax implications. --- Advance Ruling Summary No. 4/2025 1. Subject: Whether: a. The company has carried on a trade or business for the purposes of the Income Tax Act 1947 ("ITA"), and derived income under Section 10(1)(a) of the ITA; b. The change to be a passive investment holding company and restructuring of investment portfolio will trigger any Singapore tax liability under Section 10J or Section 32...