The Inland Revenue Authority of Singapore (IRAS) updated its guidelines on general anti-avoidance on 31 March 2023, with the release of the IRAS e-Tax Guide: “Income Tax: The General Anti-Avoidance Provision and its Application (Second Edition)” (“Revised Anti-Avoidance ETG”).
The Revised Anti-Avoidance ETG sets out additional examples of arrangements that IRAS considers to fall under the general anti-avoidance provision set out in Section 33 of the Income Tax Act 1947. It is helpful in providing taxpayers with greater clarity on IRAS’ approach to Section 33.