Singapore legislation
Regulation 11
of Income Tax (Refundable Investment Credits) Regulations 2025
Regulation 11
Offset of due taxes of related company: when no offset notice given, and notice to withdraw nomination or vary offset amount
Subregulation 1
If no notice under regulation 10(6) is given to the Comptroller in respect of any Y approved under regulation 10(5), the amount of X’s RICs that may be used to offset the due tax of that Y is treated as zero.
Subregulation 2
The Comptroller may only use an amount of X’s RICs to offset the due tax of Y or any Y after —
X has given the notice to the Comptroller under regulation 10(6) in respect of that Y; and
the notice has become effective in accordance with regulation 10(6).
Subregulation 3
X may, at any time, give a written notice to the approving authority to withdraw its nomination of Y or any Y.
Subregulation 4
X must, at the time of giving the written notice under paragraph (3) in respect of Y or any Y, notify the Comptroller that no more of X’s RICs may be used to offset any due tax of that Y.
Subregulation 5
To avoid doubt, no notice is required to be given to the Comptroller under paragraph (4) in respect of any Y whom X did not give a notice under regulation 10(6).
Subregulation 6
X may, at any time, notify the Comptroller of an increase or a decrease in the RICs for Y or any Y.
Subregulation 7
A notice under paragraph (4) or (6) becomes effective on the earlier of the following:
the expiry of 30 days after the date of receipt by the Comptroller of the notice;
the date that the Comptroller informs X that the notice has become effective.
Subregulation 8
Subject to paragraph (9), the RICs for Y or any Y as revised pursuant to a notice under paragraph (6) applies to every offset of the due taxes of that Y pursuant to regulation 10(6), including an offset that has already been made.
Subregulation 9
Despite paragraphs (7) and (8), a notice under paragraph (6) of a decrease in the RICs for Y or any Y is ineffective if the amount of X’s RICs that has already been used to offset any due tax of that Y is higher than the amount of RICs for that Y after the decrease.