Singapore legislation

Regulation 3

of Income Tax (Gains from Short-term Transactions of Shares in Private Real Property Company) Regulations

Regulation 3

Deduction of expenses

For the purposes of ascertaining any gain under section 10G of the Act of any person arising from the disposal of any shares in a relevant company to which section 10G(1) of the Act applies, there shall be deducted, subject to regulation 4, all outgoings and expenses wholly and exclusively incurred by the person in the production of such gain, including ―(a)the acquisition price of the shares;

(b)

any sum payable by way of interest upon any money borrowed by the person where the Comptroller is satisfied that the interest was payable on capital employed to acquire the shares;

(c)

any legal costs incurred for the acquisition or disposal of the shares; and

(d)

any amount paid in respect of stamp duty for the acquisition or disposal of the shares.

Read in full context — Income Tax (Gains from Short-term Transactions of Shares in Private Real Property Company) Regulations →