The Inland Revenue Authority of Singapore has published an updated e-Tax Guide, Income Tax and Stamp Duty: Mergers and Acquisitions Scheme (Seventh Edition). The guide sets out the details of the mergers and acquisitions scheme (M&A scheme), which seeks to encourage Singapore companies, especially small and medium enterprises (SMEs), to grow through strategic acquisitions. Under the scheme, a Singapore company (acquiring company) that makes a qualifying acquisition of the ordinary shares of another company (target company) may, subject to conditions, enjoy the following tax benefits: An M&A allowance on the purchase consideration; A stamp duty relief on the agreement for...