The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 13/2023 on the tax treatment of initial and subsequent gains derived from the sale of shares. --- Advance Ruling Summary No. 13/2023 1. Subject: Whether the initial and subsequent gains derived from the sale of shares in Company B should constitute as capital gains and not as trading income assessable under section 10(1)(a) of the Income Tax Act 1947 (2020 Revised Edition) ("ITA"). 2. Relevant background and facts: a. Company A is an investment holding company incorporated and tax resident in Singapore. It is part of Group X...