The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 2/2025 on whether the gains derived by a company from the redemption of its investment in a feeder fund of a master fund should be regarded as a capital gain, and therefore not taxable. --- Advance Ruling Summary No. 2/2025 1. Subject: Whether: a. the gains derived by the company from the redemption of its investment in a feeder fund of a master fund should be regarded as a capital gain, and therefore not taxable. 2. Relevant background and facts: a. The company's principal activity is that of...