The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 9/2022, concerning whether the transfer of fixed assets to a new company would be regarded as a capital transaction and not subject to income tax. --- Advance Ruling Summary No. 9/2022 Subject: Whether the transfer of Company A's Fixed Assets (as elaborated below) to a newly incorporated Singapore company ("NewCo") is regarded as a capital transaction, such that any gain arising therefrom is capital in nature and not subject to income tax under the provisions of the Income Tax Act ("ITA"). Relevant background and facts: Company A is...