Singapore legislation
Regulation 13
of Income Tax (Refundable Investment Credits) Regulations 2025
Regulation 13
Offset of due taxes of related company: cessation of nominee as related company
Subregulation 1
If Y or any Y approved by the approving authority under regulation 10(5) (or that provision as applied by regulation 10(8)) ceases to be part of the same group as X, X must —
inform the approving authority in writing within 7 days after the cessation or such further period as may be allowed by the approving authority in any particular case; and
notify the Comptroller within 7 days after the cessation or such further period as may be allowed by the Comptroller in any particular case that no more of X’s RICs may be used to offset any due tax of that Y.
Subregulation 2
A notice given to the Comptroller under paragraph (1)(b) 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.