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The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) today announced new measures to provide real estate investment trusts listed on the Singapore Exchange (S-REITs) with greater flexibility to manage their cash flows and raise funds amid a challenging operating environment due to COVID-19. These comprise an extension of the deadline for distribution of taxable income by MOF and IRAS, as well as a raising of the leverage limit and deferment of new regulatory requirements by MAS.
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Download the Report Read More4 月 7 日に新型インフルエンザ等対策特別措置法に基づく緊急事態宣言が発出され、国内の感染対策は新たなフェーズに入りました。多くの海外地域においては厳格な外出制限や営業禁止等のロックダウン措置が継続している一方、4 月 8 日には中国武漢市の封鎖が解除されるなど、一部地域においては収束に向けた兆しも見え始めています。本ニュースレターでは当事務所の海外オフィスと連携して速報ベースで各国の方針や影響拡大状況の概要につきお知らせ致します。なお、本ニュースレターは感染拡大が続く間、不定期に配信していきたいと思いますが、同感染症の拡大状況については日々状況が変化している中、本ニュースレターの内容がその後変更・更新されている可能性については十分ご留意の上参照ください。本ニュースレターの内容は、特段記載のない限り、日本時間 2020 年 4 月 8 日夜時点で判明している情報に基づいています。
Download the Report Read MoreBusiness Trusts may invest in a number of Holding companies/ SPVs and it is likely that there may be surplus funds available in one Holding company/ SPV which can be productively lent to another Holding company/ SPV. Considering provisions of Section 2(22)(e), such loans may have adverse tax implications. Provisions of Section 2(22)(e) do not apply to a listed company or its subsidiary. Since units of a Business Trust shall be listed and the Holding company/ SPV is its subsidiary, exemption from Section 2(22)(e) should be available to such Holding companies/ SPVs as they are available to a listed company or its subsidiary.
Download the Report Read MoreThe Finance Bill 2020 proposes to levy tax on the dividend paid by InvITs/ REITs to the unitholders in the hands of the unitholders, which was until this proposed amendment exempt from tax. An efficient tax structure provided under the Income Tax Act 1961 enabled the successful listing of two InvITs in 2017, two privately placed but listed InvITs and India’s first REIT in April 2019 which attracted investment from large long-term foreign investors and also domestic institutional investors.
Download the Report Read MoreWe hereby state that pursuant to declaration of COVID-19 as a ‘Pandemic’ by the World Health Organisation (WHO), Government Of India (GOI) has invoked the provisions of Section 2 of the Epidemic Disease Act, 1897 in order to curb the spread of COVID-19. Further, as a precautionary measure, as required to arrest the spread, various State Governments have ordered complete shut-down of shopping centres, malls, multiplexes/cinema halls, hotels, industrial and warehouse parks and private / corporate offices except those providing essential services from March 20, 2020 onwards. This has been further extended due to complete lockdown by Central Government across India until Mid April, 2020, with a possibility of further extension as exact time frame for controlling this Pandemic cannot be defined.
