{"id":1689,"date":"2020-09-03T13:13:29","date_gmt":"2020-09-03T05:13:29","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1689"},"modified":"2021-04-07T13:41:51","modified_gmt":"2021-04-07T05:41:51","slug":"advance-ruling-summary-on-income-tax-issues-relating-to-a-foreign-limited-partnership","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2020\/09\/03\/advance-ruling-summary-on-income-tax-issues-relating-to-a-foreign-limited-partnership\/","title":{"rendered":"Advance Ruling Summary on Income tax issues relating to a foreign Limited Partnership"},"content":{"rendered":"\n<p>On or about 1 Sep 2020, the Inland Revenue Authority of Singapore (IRAS)  has published an Income Tax Advance Ruling Summary No. 10\/2020 with  regards to &#8220;Income tax issues relating to a foreign Limited Partnership&#8221;.<\/p>\n\n\n\n<p>The Subject was whether<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>B Limited Partnership (\u201cB LP\u201d) is a transparent entity for Singapore income tax purposes.  <\/li><li>The requirements for Singapore withholding tax on the interest payments made to B LP should depend on the tax residency status of the respective partners of B LP. <\/li><\/ol>\n\n\n\n<p><strong>The Structure<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"560\" height=\"523\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-1.png?resize=560%2C523\" alt=\"\" class=\"wp-image-1690\" srcset=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-1.png?w=560 560w, https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-1.png?resize=300%2C280 300w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/><\/figure>\n\n\n\n<p><strong>The Characteristics of Singapore LP and Foreign LP<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"663\" height=\"482\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-3.png?resize=663%2C482\" alt=\"\" class=\"wp-image-1692\" srcset=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-3.png?w=663 663w, https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-3.png?resize=300%2C218 300w\" sizes=\"(max-width: 663px) 100vw, 663px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"659\" height=\"338\" loading=\"lazy\" src=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-4.png?resize=659%2C338\" alt=\"\" class=\"wp-image-1693\" srcset=\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-4.png?w=659 659w, https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2021\/04\/image-4.png?resize=300%2C154 300w\" sizes=\"(max-width: 659px) 100vw, 659px\" \/><\/figure>\n\n\n\n<p><strong>The Ruling<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Based on the characteristics of Foreign LP and the similarities to a Singapore Limited Partnership, B LP is tax transparent for Singapore income tax purposes.   <\/li><li>Withholding tax under section 45 of the Income Tax Act is applicable on the portion of the interest payments attributable to partners of B LP who are non-residents of Singapore. The tax residency status of the partners of B LP is to be determined on a year-by-year basis.   <\/li><\/ol>\n\n\n\n<p>For more information about the ruling, please go to the IRAS website.<\/p>\n\n\n\n<p>Source, <em>IRAS<\/em>, 3 Sep 2020<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 1 Sep 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 10\/2020 with regards to &#8220;Income tax issues relating to a foreign Limited Partnership&#8221;. The Subject was whether B Limited Partnership (\u201cB LP\u201d) is a transparent entity for Singapore income tax purposes. The requirements [&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":[8,6],"tags":[],"class_list":["post-1689","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1689","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=1689"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1689\/revisions"}],"predecessor-version":[{"id":1694,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1689\/revisions\/1694"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1689"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}