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IRAS publishes e-Tax Guide on the tax framework for VCCs
By VCCGuide Editorial
Reviewed by the fund management team at JCube Capital Partners (JCP), a Monetary Authority of Singapore capital markets services licence holder (Licence No. CMS100895).
What changed?
IRAS issued its e-Tax Guide "Tax Framework for Variable Capital Companies" on 28 August 2020, setting out the full tax treatment of the structure: a VCC is treated as a single company for income tax with umbrella VCCs filing one return, fund tax incentives under Sections 13O and 13U apply at the VCC level, GST applies at sub-fund level, and sub-funds are treated as separate persons for stamp duty.
Why it matters for fund managers
This guide is the operative reference for how a VCC and its sub-funds are actually taxed. It has since been revised several times — the linked IRAS URL always serves the current edition, whose revision history records what changed and when.