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IRAS third edition of the VCC tax guide adds Section 13W and control rules
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 the third edition of its VCC tax framework e-Tax Guide on 30 September 2025. It incorporated the Section 13W enhancements announced in Budget 2025, added guidance on how control is determined for VCCs and their sub-funds, reflected the Budget 2025 corporate income tax rebate, added a footnote on qualifying preference shares, and introduced a new FAQ section.
Why it matters for fund managers
The control guidance matters for managers assessing group relationships and gains taxation at sub-fund level — an area where the single-entity income tax treatment and the sub-fund segregation principle interact in non-obvious ways.