The Inland Revenue Authority of Singapore published updated guidance on 25 July 2022 regarding Investment Holding Companies. The update concerns whether expenses incurred in securing leases for the first tenant of a new immovable property are deductible for an investment holding company. The short answer is that expenses incurred in securing leases of immovable properties are capital in nature and hence, not deductible. However, certain rules apply prior to year of assessment (YA) 2022 and with effect from YA 2022 to allow deductions in relation to first tenants as follows: Prior to YA 2022 As a concession, if an investment...