{"id":1308,"date":"2019-09-03T17:07:49","date_gmt":"2019-09-03T09:07:49","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1308"},"modified":"2020-01-18T17:15:38","modified_gmt":"2020-01-18T09:15:38","slug":"second-reading-of-variable-capital-companies-miscellaneous-amendments-bill","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/09\/03\/second-reading-of-variable-capital-companies-miscellaneous-amendments-bill\/","title":{"rendered":"Second reading of Variable Capital Companies (Miscellaneous Amendments) Bill"},"content":{"rendered":"\n<p>On or about 3 September 2019, the Variable Capital Companies (Miscellaneous Amendments) Bill was read for the second time in Parliament on 3 September 2019 by Ms Indranee Rajah, Second Minister for Finance.<\/p>\n\n\n\n<p>The Bill comprises two broad categories of proposed amendments. The first category relates to amendments to put in place the tax treatment for variable capital companies (VCCs). The second category relates to  amendments to the VCC Act which was passed by Parliament in October  2018.<\/p>\n\n\n\n<p>The VCC is a corporate structure incorporated under the VCC Act which  may only be used as an investment fund vehicle. A VCC may vary its share  capital without seeking investors\u2019 approval, and may pay dividends using  profit or capital. The shareholders of a VCC are the fund investors. A VCC must be managed by a fund manager that is regulated by MAS. <\/p>\n\n\n\n<p>The main amendments proposed are as follows: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a variably capital company (VCC) will be treated as a company for  corporate income tax purposes, as announced in the 2018 Budget<\/li><li>GST will be applicable at the sub-fund level<\/li><li>stamp duties are levied at the sub-fund level<\/li><li>the insolvency regime for VCCs and their sub-funds will be aligned to  that of other corporate structures in Singapore, ie the framework will  reference the Insolvency, Restructuring and Dissolution Act rather than  the Companies Act; and<\/li><li>other technical amendments to clarify certain requirements.<\/li><\/ul>\n\n\n\n<p>Source: Ministry of Finance, 3 September 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 3 September 2019, the Variable Capital Companies (Miscellaneous Amendments) Bill was read for the second time in Parliament on 3 September 2019 by Ms Indranee Rajah, Second Minister for Finance. The Bill comprises two broad categories of proposed amendments. The first category relates to amendments to put in place the tax treatment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,8,11,14,6],"tags":[],"class_list":["post-1308","post","type-post","status-publish","format-standard","hentry","category-company-law","category-incometax","category-property-tax","category-stamp-duties","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1308"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1308\/revisions"}],"predecessor-version":[{"id":1309,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1308\/revisions\/1309"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1308"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}