Singapore: Framework for new corporate structure | KPMG | GLOBAL
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Singapore: Framework for new corporate structure (S-VACC), tax perspectives

Singapore: Framework for new corporate structure

The Monetary Authority of Singapore issued a consultation paper on a legislative framework for a new corporate structure—Singapore variable capital company (S-VACC)—that would be tailored as a collective investment scheme.


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The consultation paper indicates that the tax rules that would apply to the S-VACC framework are currently under consideration. There are a couple of structural issues that would relate to the tax analysis concerning investment management; quarantine of “sub-funds” (i.e., the segregation of assets and liabilities of sub-funds established under a single legal entity); the tax position of the net asset value; and the treatment of the S-VACC as a collective investment vehicle under applicable income tax treaties.


Read an April 2017 report [PDF 346 KB] prepared by the KPMG member firm in Singapore

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