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Foreign Non-Individuals

Definition of Foreign Non-Individual

A foreign non-individual investor is a person (other than an individual) who is not a resident of Singapore* for income tax purposes and:

  1. who does not have a permanent establishment** in Singapore; or
  2. who carries on any operation in Singapore through a permanent establishment** in Singapore, where the funds used to acquire the REIT's units are not obtained from that operation.

*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:

  1. carries on supervisory activities in connection with a building or work site or a construction, installation or assembly project; or
  2. has another person acting on the Unitholder's behalf in Singapore who:

  1. has and habitually exercises an authority to conclude contracts;
  2. maintains stock of goods or merchandise for the purpose of delivery on its behalf; or
  3. habitually secures orders wholly and almost wholly for the Unitholder or for such enterprises as are controlled by the person.

Foreign Non-Individuals or Exempt Non-corporate Stapled Securityholders Holding ART Stapled Securities In Own Name

Which Distributions Are Eligible For Refund?

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.

Time limit for claim of refund

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.

How To Make A Claim?

  • Download and complete Form R1 below. Use a separate Form R1 for each income distribution period.

  • Submit the duly completed Form R1, accompanied by the Subsidiary Income Tax Certificate ("SITC") or the Annual Dividend Statement ("ADS") issued by the Central Depository (Pte) Ltd for the distribution in respect of which the claim for refund is made to:

    Boardroom Corporate & Advisory Services Pte Ltd
    50 Raffles Place
    #32-01 Singapore Land Tower
    Singapore 048623


When Do We Submit Form R1?

  • You may submit the Form and accompanying SITC or ADS to Boardroom Corporate & Advisory Services Pte Ltd at any time.

  • The Trustee of Ascott Reit will collate the claims for refund submitted by Stapled Securityholders and make a claim for refund to the IRAS on a half-yearly basis. For example, all Forms received during the period ending 31 December of the year will be submitted to IRAS sometime in January/ February of the following year.

Will An Amended Tax Certificate Be Issued For The Refund?

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.

When Will We Receive The Tax Refund?

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.