On or about 1 March 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to income tax advance ruling.
An advance ruling is a written interpretation of the Income Tax Act 1947 on how certain issues that arise from a proposed arrangement are to be treated for tax purposes. A ruling request has to be one where there are issues that require interpretation of the law, and not one seeking to know what the law clearly provides (e.g. what is the basis period for trade income).
It only applies to the applicant and the particular arrangement that was the subject of the ruling request and, where applicable, to the year(s) or period(s), and provisions of the Income Tax Act 1947 stated in the ruling. It binds the Comptroller of Income Tax to apply the relevant provisions of the Income Tax Act 1947 in the manner that was set out in the ruling.