SINGAPORE Law and Practice Contributed by: Dorothy Marie Ng, Monica Yip, Tay Peng Cheng and Tan Shao Tong, WongPartnership LLP
whose operations are carried on outside Singa - pore, such gains are subject to withholding tax at 15% of the consideration, but the seller may file a tax return to claim a deduction for allow - able expenses. Where a seller is not a property trader, the gains are not subject to tax as there is no capital gains tax in Singapore. 8.5 Tax Benefits Expenses incurred solely for producing the rental income and during the period of tenancy may be claimed as tax deductions. Depreciation of furnishings (eg, furniture, fixtures and electrical appliances) is not claimable.
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