Regulatory Alerts2011-08-02
Added
Allocation of Foreign Tax Credit to the Various Funds Held by an Insurer
The Monetary Authority of Singapore issued Circular ID 11/11 to prescribe the methodology for insurers to allocate pooled foreign tax credits across their various funds. This directive requires insurers to calculate additional credits arising from pooling and distribute them to specific funds based on the proportion of excess Singapore tax payable relative to total excess. The circular provides a detailed seven-step calculation process and numerical examples to ensure proper attribution of these credits in compliance with IRAS guidelines.
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