The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 8/2022, concerning whether the transfer of a business as a going concern would be regarded as a capital transaction and not subject to income tax. --- Advance Ruling Summary No. 8/2022 Subject: Whether the transfer of Company A's operating business as a going concern to a newly incorporated Singapore company ("NewCo") is regarded as a capital transaction, such that the gains arising therefrom are capital in nature and not subject to income tax under the provisions of the Income Tax Act ("ITA"); and Company A and NewCo meet...