On 5 August 2019, the Inland Revenue Authority of Singapore published updated guidance on the Tax Residence Status of a Company and updated guidance on Applying for Certificate of Residence. Regarding tax residence, the guidance includes updated content on foreign-owned investment holding companies and added a new FAQ on scenarios whereby the control and management of a business is considered to be not exercised in Singapore. Foreign-owned investment holding companies, with purely passive sources of income or receiving only foreign-sourced income are generally regarded as non-residents because these companies usually act on the instructions of its foreign companies/shareholders. However, they...