A foreign non-individual investor is a person (other than an individual) who is not a resident of Singapore* for income tax purposes and:
*A company is not a tax resident in Singapore if the management and control of its business is exercised outside Singapore during the respective calendar year in which the distribution was made and there is no intention to change the management and control of its business to Singapore.
**A permanent establishment is defined under the Singapore Income Tax Act as a fixed place where a business is wholly or partly carried on including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project. A person shall be deemed to have a permanent establishment in Singapore if it:
In the case of beneficial owners who are foreign non-individuals, the tax refund applies to distributions made by Ascott REIT within the period from February 2005 to 31 December 2025. The claim for tax refund is subject to the time limit below.
Every claim of refund must be made to IRAS within 4 years from the end of the year of assessment to which the claim relates. For example, for claim of refund in respect of distribution made by Ascott REIT for the period from 1 January 2020 to 30 June 2020 and 1 July 2020 to 31 December 2020 (which relates to the year of assessment 2021), the claim must be submitted to the IRAS on or before 31 December 2025. Stapled Securityholders and the Depository Agents must ensure that the relevant Forms are submitted on a timely basis to allow the Trustee of Ascott Reit to make the refund claim within the prescribed time limit. The IRAS will not process any claim that is out of time.
Boardroom Corporate & Advisory Services Pte Ltd
50 Raffles Place
#32-01 Singapore Land Tower
Ascott Residence Trust Management Limited will issue a letter together with the cheque for the refund amount to the Stapled Securityholders. This letter will serve as evidence that the tax refunds have been made.
The tax refund will be paid out to eligible investors as soon as practicable after receipt of the tax refund from IRAS by the Trustee of Ascott Reit.
Click here to download Form R1.