Restructured companies can still benefit from previous tax incentives

Singapore

COMPANIES that had been offered tax breaks under a government scheme aimed at encouraging them to operate in Singapore can continue to enjoy the incentive in case of corporate restructuring.

Senior Minister of State for Trade and Industry Chee Hong Tat told Parliament that as companies amalgamate, merge or undergo corporate restructuring, there may be a need to transfer their existing awards to the new entity.

The clarification was in regard to an update of the Economic Expansion Incentives Act passed on Thursday, and it will apply to companies that had been given the Pioneer Indus…

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