I.C.S.205.Tax.SG.Individual Income Tax

新加坡个人所得税的相关政策参考政府网站的说明：《Individual Income Tax》。

一、基本原则

大的原则是跟新加坡有关的缴税，无关的不缴税，以下参考自《Working out my tax residency》：

As a tax resident:

You will be taxed on all income earned in Singapore;
Your foreign-sourced income (with the exception of those received through partnerships in Singapore) brought into Singapore is tax-exempt;
You may claim deductions on expenses, donations and personal reliefs. Find out more about deductions to save tax.

二、海外收入

新加坡和香港都是做离岸生意的金融中心，新加坡对离岸收入的定义是“any income arising from sources outside Singapore and received in Singapore”，香港的定义是“于香港产生或得自香港”，看上去差不多，但在实际的法律条文上新加坡的缴税范围更宽泛。

1、“outside Singapore and received in Singapore”

具体的税法条文参照：《Income Tax Act 1947》第13条第7A、8、9款的规定，如下：

(7A) There is exempt from tax any income arising from sources outside Singapore and received in Singapore —

(a) by any individual who is not resident in Singapore; and
(b) on or after 1 January 2004 by any individual who is resident in Singapore if the Comptroller is satisfied that the tax exemption would be beneficial to the individual, but excludes such income received by the individual through a partnership in Singapore.

(8) Where the conditions specified in subsection (9) are satisfied, there is exempt from tax —

(a) any dividend derived from any territory outside Singapore;
(b) any profit derived from any trade or business carried on by a branch in any territory outside Singapore of a company resident in Singapore; and
(c) any income derived from any professional, consultancy and other services rendered in any territory outside Singapore only if the Comptroller is satisfied that the income is derived, for the purposes of this Act, from outside Singapore,

and received in Singapore —

(d) on or after 1 June 2003 by any person, not being an individual, resident in Singapore;
(e) during 1 June 2003 to 31 December 2003 (both dates inclusive) by any individual resident in Singapore; and
(f) on or after 1 January 2004 by any individual resident in Singapore through a partnership in Singapore.

(9) The conditions referred to in subsection (8) are —

(a) the income is subject to tax of a similar character to income tax (by whatever name called), or qualified domestic minimum top-up tax (but disregarding any excluded top-up tax), under the law of the territory from which the income is received;
[Act 36 of 2024 wef 01/01/2025]
(b) at the time the income is received in Singapore by the person resident in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) (but disregarding any excluded top-up tax or qualified domestic minimum top-up tax), levied under the law of the territory from which the income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is not less than 15%; and
[Act 36 of 2024 wef 01/01/2025]
(c) the Comptroller is satisfied that the tax exemption would be beneficial to the person resident in Singapore.

非常多的前提条件（多层嵌套的逻辑），美股股息肯定符合要求，美国企业的所得税有两层，联邦是21%，每个州从0-10%不等，上述条款的要求是“not less than 15%”。

同时符合“outside Singapore”、跟新加坡无关、又收在新加坡以外的地方是不需要在新加坡缴税的，但这样的收入哪天汇到新加坡又需要仔细对照相应的税收条款，多层嵌套的逻辑总的来说不是好事。

2、“outside Singapore”的例外情况

税务局官网有一些例外的判断依据，参考《Income received from overseas》。

Generally, you do not need to pay tax or report overseas income received in Singapore, including income deposited into a Singapore bank account. However, you would need to pay tax on overseas income for the scenarios below.

1. You receive it through partnerships based in Singapore.

2. Your overseas employment is related to your Singapore employment (e.g. you need to travel abroad as part of your job).

3. You operate a trade/business in Singapore and transacted a related trade/business overseas.

4. You work in Singapore for a foreign employer.

5. You are employed overseas on behalf of the Singapore Government.

3、“received in Singapore”的例外情况

“received in Singapore”本身就有点意思，不容易定义，有可能是新加坡本地银行的账户，除此以外，这个条款也有例外的情况，参考：《Tax Reliefs on Foreign Income》。

Foreign income refers to income derived from outside Singapore. Generally, such income is taxable in Singapore when remitted to and received in Singapore. Where the foreign income arises from a trade or business carried on in Singapore, it is taxable in Singapore upon accrual, regardless of whether it is received in Singapore.

In many cases, foreign income is taxed twice - once in the foreign jurisdiction and a second time in Singapore.

There are tax reliefs available to Singapore tax residents to alleviate the double taxation suffered, such as:

Exemption or reduction in tax imposed on specified foreign income that is derived in a jurisdiction that has an Avoidance of Double Taxation Agreement with Singapore
Tax exemption on specified foreign-sourced income such as foreign-sourced dividends, foreign branch profits and foreign-sourced service income under Section 13(8) of the Income Tax Act 1947
Foreign tax credit for the taxes paid in the foreign jurisdiction against the Singapore tax payable on the same income

三、实际应用的场景

1、工资

来源于海外的工资性收入有可能被解释跟新加坡有关，比如上述第4点：受雇于外国公司的工资性收入，其豁免条件有很大的限制，长期居住在新加坡，连续3年有这项海外收入的需要合并按正常税率缴税，参考：《I am working for a foreign employer》。

If you stay or work in Singapore for three consecutive years, your income for all years will be taxed at resident rates for individuals.

2、股息

美股股息在嵌套的逻辑中是符合条件的，需要注意一些低税率（低于15%）国家的股息，税务局官网的解释参考：《Dividends》。

Dividends that you do not pay tax on

From Singapore resident companies under the one-tier corporate tax system, except co-operatives.
Foreign dividends received in Singapore by resident individuals, except those received through a partnership in Singapore. Please refer to Tax Exemption for Foreign-Sourced Income for more information.
Income distribution from Real Estate Investment Trusts (REITs), except those received by individuals through a partnership in Singapore or related to the carrying on of a trade, business, or profession in REITs.

3、投资

新加坡没有资本利得税，而资本利得通常指长期投资，频繁交易的有可能定性为交易，交易行为赚到的钱是需要缴纳所得税的，但是针对个人买卖股票的行为新加坡税务局的解释是投资不是交易，参考：《Gains from sale of property, shares and financial instruments》。

The following gains are generally not taxable:

Gains derived from the sale of a property in Singapore as it is a capital gain.
Profits or losses derived from the buying and selling of shares or other financial instruments (including digital tokens) are generally viewed as personal investments.
Payouts from insurance policies as they are capital receipts.

这里的免税是基于解释，而不是基于明确的税法条文，这是有区别的，税法条文有明确不用缴税的是长期投资。

4、在新加坡投资S&P500（S27）

以下内容摘自S27的招股说明书：《2025-01-28 SPDR® S&P 500® ETF Trust PROSPECTUS》。

A. CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS

A. 某些美国联邦所得税相关考量

The following is a description of certain U.S. federal income tax consequences of the beneficial ownership of Units by a person that is, for U.S. federal income tax purposes, a nonresident alien individual, a foreign corporation, a foreign trust or a foreign estate (a “Non-U.S. Holder”).

以下是关于在美国联邦所得税角度下，某些单位受益所有人（即“非美国持有人”）的美国联邦所得税后果的说明，该受益人可以是非居民外国个人、外国公司、外国信托或外国遗产。

The discussion below does not apply to a Non-U.S. Holder who is a nonresident alien individual and is present in the United States for 183 days or more during any taxable year.

以下讨论不适用于在任何一个纳税年度中在美国居住满183天或以上的非居民外国个人。

Such Non-U.S. Holders should consult their tax advisors with respect to the particular tax consequences to them of an investment in the Trust.

此类非美国持有人应咨询其税务顾问，以了解其投资本信托所面临的具体税务后果。

The discussion below provides general tax information relating to a Non-U.S. Holder’s investment in Units, but it does not purport to be a comprehensive description of all the U.S. federal income tax considerations that may be relevant to a particular Non-U.S. Holder’s decision to invest in Units.

以下内容提供了关于非美国持有人投资单位的一般性税务信息，但并未意图全面描述与某特定非美国持有人投资单位决定相关的所有美国联邦所得税考量。

This discussion does not describe all of the tax consequences that may be relevant in light of a Non-U.S. Holder’s particular circumstances or tax consequences applicable to Non-U.S. Holders subject to special rules, such as a nonresident alien individual who is a former citizen or resident of the United States; an expatriated entity; a controlled foreign corporation; a passive foreign investment company; a foreign government for purposes of Section 892 of the Internal Revenue Code of 1986, as amended (the “Code”); or a tax-exempt organization for U.S. federal income tax purposes.

本讨论未涵盖所有可能与非美国持有人具体情况相关的税务后果，亦未涵盖适用于特定规则下非美国持有人的税务后果，例如：曾为美国公民或居民的非居民外国个人；被驱逐的实体；受控外国公司；被动外国投资公司；根据1986年《国内税收法典》第892条定义的外国政府；或在美国联邦所得税目的下为免税组织的情形。

If an entity that is classified as a partnership for U.S. federal income tax purposes holds Units, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership.

若持有单位的实体在美国联邦所得税目的下被归类为合伙企业，该合伙企业合伙人的美国联邦所得税待遇通常将取决于合伙人的身份及合伙企业的活动。

Partnerships holding Units and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of the Units in light of their specific circumstances.

持有单位的合伙企业及该类合伙企业的合伙人应根据其具体情况，就持有及处置单位的美国联邦所得税后果咨询其税务顾问。

This discussion is based on the Code, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations all as of the date hereof, any of which is subject to change, possibly with retroactive effect.

本讨论基于截至本文件日期的《税法典》、行政公告、司法裁决及最终、临时与拟议财政部条例，其中任何一项均可能发生变更，且可能具有追溯效力。

Prospective purchasers of Units are urged to consult their tax advisors with regard to the application of the U.S. federal income and estate tax laws to their particular situations, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

建议拟购买单位的投资人就美国联邦所得税和遗产税法如何适用于其具体情形，以及任何由州、地方或非美国税收辖区法律产生的税务后果，咨询其税务顾问。

The U.S. federal income taxation of a Non-U.S. Holder depends on whether the income that the Non-U.S. Holder derives from the Trust is “effectively connected” with a trade or business that the Non-U.S. Holder conducts in the United States (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment maintained by the Non-U.S. Holder).

非美国持有人的美国联邦所得税适用情况，取决于其从信托取得的收入是否与其在美国开展的贸易或业务“有效关联”（若适用税收协定要求，则须归因于非美国持有人在美国设立的常设机构）。

If the income that a Non-U.S. Holder derives from the Trust is not “effectively connected” with a U.S. trade or business conducted by such Non-U.S. Holder (or, if an applicable tax treaty so provides, the Non-U.S. Holder does not maintain a permanent establishment in the United States), distributions of “investment company taxable income” (as described in the U.S. Prospectus) to such Non-U.S. Holder will generally be subject to U.S. federal withholding tax at a rate of 30% (or lower rate under an applicable tax treaty).

若非美国持有人从信托取得的收入并未与其在美开展的贸易或业务“有效关联”（或根据适用税收协定规定，其在美国未设立常设机构），则向其分配的“投资公司应税收入”（如美国招股说明书中所述）通常将需缴纳30%的美国联邦预提税（或根据适用税收协定适用较低税率）。

There is currently no income tax treaty between the U.S. and Singapore.

目前美国与新加坡之间并无所得税协定。

Provided that certain requirements are satisfied, this withholding tax will not be imposed on dividends paid by the Trust to the extent that the underlying income out of which the dividends are paid consists of U.S.-source interest income or short-term capital gains that would not have been subject to U.S. withholding tax if received directly by the Non-U.S. Holder (“interest-related dividends” and “short-term capital gain dividends,” respectively).

在满足特定条件的前提下，对于信托支付的红利，其底层收入若为非美国持有人直接取得时本不会被征收美国预提税的美国来源利息收入或短期资本利得，则该红利（分别称为“利息相关红利”及“短期资本利得红利”）将不被征收预提税。

A Non-U.S. Holder whose income from the Trust is not “effectively connected” with a U.S. trade or business (or, if an applicable tax treaty so provides, does not maintain a permanent establishment in the United States) will generally be exempt from U.S. federal income tax on capital gain dividends and any amounts retained by the Trust that are designated as undistributed capital gains, as described in the U.S. Prospectus.

非美国持有人若其从信托取得的收入未与其在美国开展的贸易或业务“有效关联”（或如适用税收协定所规定，在美国未设立常设机构），则通常将免于缴纳美国联邦所得税，该免税适用于资本利得红利以及信托保留且指定为未分配资本利得的金额（如美国招股说明书所述）。

In addition, such a Non-U.S. Holder will generally be exempt from U.S. federal income tax on any gains realized upon the sale or exchange of Units.

此外，此类非美国持有人在出售或交换单位时所实现的任何收益通常也将免于缴纳美国联邦所得税。

If the income from the Trust is “effectively connected” with a U.S. trade or business carried on by a Non-U.S. Holder (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment maintained by the Non-U.S. Holder), any distributions of “investment company taxable income,” any capital gain dividends, any amounts retained by the Trust that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Units will be subject to U.S. federal income tax, on a net income basis, at the rates applicable to holders of Units who are U.S. persons for U.S. federal income tax purposes.

若非美国持有人从信托获得的收入与其在美开展的贸易或业务“有效关联”（且如适用税收协定要求，须归因于其在美国设立的常设机构），则“投资公司应税收入”的任何分配、资本利得红利、信托保留且指定为未分配资本利得的任何金额以及出售或交换单位所实现的任何收益，将按净所得方式适用美国联邦所得税，适用税率与单位持有人为美国纳税居民时相同。

In such a case, the Non-U.S. Holder will be exempt from the U.S. federal withholding tax on distributions of “investment company taxable income” discussed above, although the Non-U.S. Holder will need to deliver to the relevant withholding agent a properly executed IRS Form W-8ECI in order to claim an exemption from withholding.

在此情况下，该非美国持有人将可免于上述“投资公司应税收入”分配部分的美国联邦预提税，但须向相关预扣代理人提交妥善填写的IRS表格W-8ECI以主张预提税豁免。

For more information, see “Federal Income Taxes - Tax Consequences to U.S. Holders” in the U.S. Prospectus.

欲了解更多信息，请参阅美国招股说明书中“联邦所得税——对美国持有人的税务影响”部分。

A Non-U.S. Holder that is a corporation may also be subject to the U.S. branch profits tax.

若非美国持有人为公司，还可能需缴纳美国分支利润税。

Information returns will be filed with the U.S. Internal Revenue Service (the “IRS”) in connection with certain payments on the Units and may be filed in connection with payments of the proceeds from a sale or other disposition of Units.

信托就单位的某些支付将向美国国税局（“IRS”）提交信息申报表，出售或以其他方式处置单位所产生的收益也可能需提交相关申报。

A Non-U.S. Holder may be subject to backup withholding on distributions or on the proceeds from a redemption or other disposition of Units if such Non-U.S. Holder does not certify its non-U.S. status under penalties of perjury or otherwise establish an exemption.

若非美国持有人未在伪证罚则下证明其非美国身份，或未能以其他方式确立其豁免资格，可能会在红利分配或赎回及其他单位处置所得中被适用备抵预扣税。

Backup withholding is not an additional tax.

备抵预扣税并非额外税负。

Any amounts withheld pursuant to the backup withholding rules will be allowed as a credit against the Non-U.S. Holder’s U.S. federal income tax liability, if any, and may entitle the Non-U.S. Holder to a refund, provided that the required information is furnished to the IRS on a timely basis.

根据备抵预扣规定扣缴的任何税款，若非美国持有人有美国联邦所得税负担，则可抵减其税负，且若申报资料及时提交至IRS，也可能有权申请退税。

In order to qualify for the exemption from U.S. withholding on interest-related dividends, to qualify for an exemption from U.S. backup withholding and to qualify for a reduced rate of U.S. withholding tax on Trust distributions pursuant to an income tax treaty, a Non-U.S. Holder must generally deliver to the withholding agent a properly executed IRS form (generally, Form W-8BEN or Form W-8BEN-E, as applicable).

若欲获得利息相关红利的美国预提税豁免、备抵预扣豁免，或根据所得税协定享受信托分配预提税的减免，非美国持有人通常需向预扣代理人提交妥善填写的IRS表格（通常为W-8BEN表格或W-8BEN-E表格，视具体情况而定）。

In order to claim a refund of any Trust-level taxes imposed on undistributed net capital gain, any withholding taxes or any backup withholding, a Non-U.S. Holder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return, even if the Non-U.S. Holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. income tax return.

若非美国持有人希望申请退还信托层面就未分配净资本利得征收的税款、任何预提税或备抵预扣税，其必须申请美国纳税人识别号码并提交美国联邦所得税申报表，即便其在其他情况下本无需申请该识别号码或提交申报表。

买入新加坡本地注册的SPY在收到股息时已经预扣了30%，这时候填写W-8Ben起不到区别对待的作用，如果要退就要去美国IRS直接申请。

Under Sections 1471 through 1474 of the Code (“FATCA”), a withholding tax at the rate of 30% will generally be imposed on payments of dividends on Units to certain foreign entities (including financial intermediaries) unless the foreign entity provides the withholding agent with certifications and other information (which may include information relating to ownership by U.S. persons of interests in, or accounts with, the foreign entity).

根据《税法典》第1471至1474条（即“FATCA”）规定，若某些外国实体（包括金融中介）未向预扣代理人提供证明及其他相关信息（可能包括美国人士对该外国实体的权益或账户的所有权信息），则该外国实体收到的单位分红款项将一般需缴纳30%的预提税。

Treasury and the IRS have issued proposed regulations that (i) provide that “withholdable payments” will not include gross proceeds from the disposition of property that can produce U.S.-source dividends or interest, as otherwise would have been the case after December 31, 2018 and (ii) state that taxpayers may rely on these provisions of the proposed regulations until final regulations are issued.

美国财政部及IRS已发布拟议法规：(i)规定自2018年12月31日起，“应预提付款”不再包括可产生美国来源红利或利息的财产处置总收入；(ii)纳税人可在最终条例颁布前依照该拟议条例中的相关条款执行。

If FATCA withholding is imposed, a beneficial owner of Units that is not a foreign financial institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative burden).

若被征收FATCA预提税，且单位的实益所有人并非外国金融机构，其一般可通过提交美国联邦所得税申报表申请退还被扣缴的款项（但这可能涉及较大的行政负担）。

Non-U.S. Holders should consult their tax advisors regarding the possible implications of FATCA on their investment in Units.

非美国持有人应就FATCA对其单位投资的潜在影响咨询其税务顾问。

B. CERTAIN SINGAPORE TAX CONSIDERATIONS

B. 某些新加坡税务相关考量

The following is a general description of material Singapore income tax, stamp duty and goods and services tax (“GST”) consequences of the ownership and disposal of Units.

以下为关于单位的持有与处置所涉及的重要新加坡所得税、印花税及商品与服务税（“GST”）影响的一般性说明。

The summary discussion below is not intended to be, and does not purport to be, a comprehensive or exhaustive analysis of all the Singapore tax consequences relating to ownership and disposal of Units by a person who, for purposes of taxation in Singapore, is regarded as a Singapore resident taxpayer or otherwise.

以下概要性讨论并不旨在，也不构成关于单位持有人与处置所涉及的所有新加坡税务后果的全面或详尽分析，不论该人士是否为新加坡税务居民。

Prospective investors of Units should consult their own tax advisors concerning the tax consequences of their particular situations.

拟投资单位的投资人应就其具体情况所涉及的税务后果，咨询各自的税务顾问。

This summary, which is not intended to and does not constitute Singapore legal or tax advice, is based on laws, regulations and interpretations now in effect and available as of the date of this Prospectus.

本摘要并非也不构成新加坡法律或税务意见，其依据为截至本招股说明书日期已生效及可查阅的法律、法规及相关解释。

The laws, regulations and interpretations, however, may change at any time, and any change could be made on a retroactive basis.

然而，相关法律、法规及解释可能随时变更，且变更可能具追溯效力。

These laws and regulations may also be subject to various interpretations and the relevant tax authorities or the courts may not necessarily agree with the explanations or conclusions set out below.

相关法律法规可能存在多种解释，税务机关或法院未必认可以下说明或结论。

General

一般规定

Subject to certain exceptions, Singapore tax resident and non-resident companies are subject to Singapore income tax on income accruing in or derived from Singapore and on foreign-sourced income received or deemed to be received in Singapore.

除特定例外情况外，新加坡税务居民公司及非居民公司需就其在新加坡产生或来源于新加坡的所得，以及其收到或被视为收到的新加坡境外所得缴纳新加坡所得税。

Foreign-sourced income in the form of branch profits, dividends and service income received or deemed to be received in Singapore by a Singapore tax resident corporate taxpayer may be exempt from tax if certain prescribed conditions are met, including the following:

若符合特定条件，新加坡税务居民公司所收到或被视为收到的境外来源所得（如分支机构利润、股息及服务收入）可享受免税待遇，包括但不限于下列条件：

(a) such income had been subject to tax of a similar character to income tax under the laws of the foreign jurisdiction from which such income was received;

(a) 该项收入在其来源的外国法域中已缴纳与所得税性质相似的税项；

(b) at the time the income is received in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the laws of the foreign jurisdiction from which the income is received is at least 15%; and

(b) 该项收入在被新加坡接收之时，其来源国/地区对类似所得所征收的最高税率不少于15%；及

(c) the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the Singapore tax resident company.

A company is regarded as a tax resident in Singapore if the control and management of its business is exercised in Singapore.

若公司的业务控制与管理在新加坡行使，则该公司视为新加坡税务居民。

The term “control and management” has been interpreted to mean the making of high-level strategic and important policy decisions in relation to the business of the company.

“控制与管理”被解释为对公司业务进行高层战略及重大政策决策的活动。

Accordingly, the place of incorporation of a company is not necessarily indicative of the tax residency of a company.

因此，一个公司的注册地未必代表其税务居民身份。

Generally, if the majority of Board of Directors meetings are held in Singapore to make strategic decisions during a year, the company should be regarded as a tax resident in Singapore for that year.

通常情况下，若董事会大多数会议在一年内于新加坡召开且用于作出战略决策，则该公司在该年度应被视为新加坡税务居民。

Having said that, holding Board of Directors meetings in Singapore may not ipso facto be sufficient and the Inland Revenue Authority of Singapore (“IRAS”) may, in certain cases, require more facts to be provided.

但仅在新加坡召开董事会议未必足够，且新加坡国内税务局（“IRAS”）在某些情况下可能要求提供更多事实资料以确定税务居民身份。

Tax rates

税率

The corporate tax rate in Singapore is currently 17%.

新加坡目前的公司所得税税率为17%。

With effect from the Year of Assessment 2020, the first SGD10,000 of a company’s (whether tax resident in Singapore or not) normal chargeable income will be eligible for a 75% tax exemption, with a further 50% tax exemption given on the next SGD190,000 of the company’s normal chargeable income.

自2020课税年度起，公司（无论是否为新加坡税务居民）首SGD10,000的应课税收入可享有75%的税务豁免，其后的SGD190,000应课税收入则享有50%的豁免。

The remaining chargeable income (after the partial tax exemption) will be fully taxable at the prevailing corporate tax rate or applicable concessionary corporate tax rate.

剩余应课税收入（经部分豁免后）将按现行公司税率或适用的优惠税率全额征税。

In respect of new start-up companies which are tax resident in Singapore (where any of the first three Years of Assessment falls in or after the Year of Assessment 2020), the first SGD100,000 of normal chargeable income will be eligible for a 75% tax exemption, with a further 50% tax exemption given on the next SGD100,000 of normal chargeable income.

对于新成立并为新加坡税务居民的公司（其前三个课税年度中有任一落在2020课税年度或之后），首SGD100,000的应课税收入可享有75%的税务豁免，下一SGD100,000则享有50%的豁免。

The remaining chargeable income (after the start-up tax exemption) will be taxed at the prevailing corporate tax rate or applicable concessionary corporate tax rate.

剩余应课税收入（经新创豁免后）将按现行公司税率或适用的优惠税率征税。

Singapore tax resident individuals are subject to tax based on a progressive scale.

新加坡税务居民个人依据累进税率纳税。

With effect from the Year of Assessment 2024 (i.e., calendar year ended in 2023), the top marginal rate is 24% where the individual’s annual chargeable income is in excess of SGD1,000,000.

自2024课税年度起（即2023日历年），个人年应课税所得超过SGD1,000,000的部分适用的最高边际税率为24%。

The employment income of non-resident individuals is taxed at the flat rate of 15% or the progressive resident tax rates, whichever is the higher tax amount.

非居民个人的受雇收入将按15%固定税率或新加坡税务居民的累进税率（取其较高者）征税。

With effect from the Year of Assessment 2024, the tax rates for non-resident individuals (except on employment income and certain income taxable at reduced withholding rates) is 24%.

自2024课税年度起，非居民个人的税率为24%（不包括受雇收入及某些适用较低预提税率的收入）。

This is to maintain parity between the tax rates of non-resident individuals and the top marginal tax rate of resident individuals.

此举旨在使非居民个人与居民个人的最高边际税率保持一致。

Dividends Tax and Distributions in respect of the Units

单位的红利税与分派

Dividends would generally refer to an investor’s share of profits received from his or her ownership in a company.

红利一般是指投资人因持有公司股权所获得的利润分成。

For Singapore tax purposes, in respect of a company that is not tax resident in Singapore, dividends paid by the company should generally be considered as foreign sourced income.

就新加坡税务而言，若公司并非法定的新加坡税务居民，其支付的红利通常被视为境外来源所得。

In respect of a company that is tax resident in Singapore, under the one-tier corporate tax system, tax on corporate profits is final and dividends paid by a Singapore resident company are tax exempt in the hands of a shareholder, regardless of whether the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident.

若公司为新加坡税务居民，在单层公司税制下，公司利润的所得税为最终税负，新加坡居民公司支付的红利对所有股东而言（无论为公司或个人，亦无论其是否为新加坡税务居民）均免征所得税。

For the purposes of the Prospectus however, investors will be holding Units instead of shares, and such Units represents an undivided ownership interest in the common stocks that are held by the Trust.

然而，就本招股说明书而言，投资人持有的是单位而非股份，而单位代表的是对信托所持普通股的不可分割的所有权权益。

Whether distributions received from the investor’s Units held are subject to Singapore income tax will depend on factors such as whether the distributions constitute income accruing in or derived from Singapore or foreign-sourced income received or deemed to be received in Singapore.

投资人因持有单位而收到的分派是否需缴纳新加坡所得税，将取决于诸如该分派是否构成来源于新加坡的所得或被视为在新加坡接收的境外所得等因素。

For more information, see “General” and “Capital Gains Tax”.

欲了解更多信息，请参阅“General（一般规定）”及“Capital Gains Tax（资本利得税）”部分。

Accordingly, the precise status of each investor will vary, and each investor should consult an independent tax advisor on the relevant Singapore income tax consequences which may be applicable to their individual circumstances.

因此，每位投资人的具体税务状况将有所不同，应咨询独立税务顾问以了解其个别情况可能适用的新加坡所得税影响。

Capital Gains Tax

资本利得税

Singapore generally does not impose tax on capital gains (i.e. gains which are considered to be capital in nature) but imposes tax on income.

新加坡通常不对资本利得（即具有资本性质的收益）征税，而是对收入征税。

While there are no specific Singapore tax laws or regulations which prescribes the characterization of whether a gain is income or capital in nature, gains arising from the disposal of the Units may be subject to Singapore income tax if the gains arose from activities which the IRAS regard as the carrying on of a trade or business in Singapore or construed to be of an income nature.

尽管新加坡税法并无明文规定如何界定收益为收入或资本性质，但若单位的处置收益来源于被新加坡税务局（IRAS）视为在新加坡开展的商业或交易活动，或被认定为具有收入性质，该等收益可能需缴纳新加坡所得税。

However, it should be noted that with effect from January 1, 2024, Section 10L of the Income Tax Act 1947 of Singapore provides that gains from the sale or disposal of foreign assets on or after January 1, 2024 by a relevant entity are chargeable to tax when such gains are received or deemed to be received in Singapore from outside Singapore.

然而，应注意，自2024年1月1日起，《1947年所得税法》第10L条规定，相关实体自该日起出售或处置境外资产所取得的收益，在被接收或被视为接收于新加坡时，将需缴纳税款。

A foreign asset generally refers to any movable or immovable property situated outside Singapore at the time of such sale or disposal or any rights or interest thereof, and with regard to any equity interests in any entity (including a trust) which is not a company, or any right or interest in such equity interests, such interests are generally situated where the operations of the entity are principally carried out.

“境外资产”一般指于出售或处置时位于新加坡以外的动产或不动产，或其相关权益；如为非公司实体（包括信托）的股权或权益，该股权一般被视为位于其主要经营活动所在地。

However, notwithstanding the above, any registered shares, equity interests or securities, or any right or interest in any registered shares, equity interests or securities, are situated where the shares, equity interests or securities are registered or, if registered in more than one register, where the principal register is situated.

但即便如此，任何注册股份、股权或证券，或其相关权益，视为位于其注册所在地；若注册地有多个，则视为位于主注册地。

Accordingly, the precise status of each prospective investor will vary from one another and each investor should consult an independent tax advisor on the Singapore income tax which may be applicable to their individual circumstances.

因此，每位拟投资者的具体税务情况不尽相同，应就适用于其个人情况的新加坡所得税咨询独立税务顾问。

Adoption of FRS 109 treatment for Singapore income tax purposes

FRS 109在新加坡所得税中的适用

For financial years beginning on or after 1 January 2018, the Financial Reporting Standards 109 (“FRS 109”) has replaced the previous Financial Reporting Standards 39 (“FRS 39”).

自2018年1月1日起开始的财务年度起，《财务报告准则109》（FRS 109）已取代此前的FRS 39。

For holders of the Units who may be required to apply the FRS 109, such holders may be required, for Singapore income tax purposes, to recognise gains or losses (not being gains or losses in the nature of capital), even though no sale or disposal of the Units was made, in accordance with FRS 109.

对须适用FRS 109的单位持有人而言，尽管未出售或处置单位，但根据FRS 109，仍可能需在新加坡所得税下确认非资本性质的收益或亏损。

Holders of the Units who may be subject to the tax treatment under the FRS 109 should consult their own accounting and tax advisors regarding the relevant Singapore income tax consequences.

可能适用FRS 109税务处理的单位持有人应就相关的新加坡所得税影响咨询其会计及税务顾问。

Stamp Duty

印花税

Stamp duty in Singapore is generally payable only on instruments relating to the transfer of immovable property located in Singapore or shares of companies incorporated in Singapore or shares which are maintained in any share register in Singapore.

新加坡的印花税通常仅适用于与下列转让相关的法律文件：位于新加坡的不动产、新加坡注册公司的股份，或在新加坡任何股份登记册上登记的股份。

With regard to the transfer of shares, stamp duty is generally payable at the rate of 0.2% of the consideration for or the net asset value of the shares, whichever that is higher.

关于股份转让，印花税一般按股份对价或净资产价值中较高者的0.2%缴纳。

On the basis that the Units held by the investors represents an undivided ownership interest in the common stocks that are held by the Trust and such common stocks do not constitute shares of companies incorporated in Singapore or shares that are maintain in any share register in Singapore, there should be no stamp duty imposed on instruments of transfers (if any) relating to the Units.

鉴于投资人所持单位代表对信托持有普通股的不可分割所有权，且该普通股并非新加坡注册公司的股份，亦非在新加坡任何股份登记册中登记的股份，因此与单位转让相关的文件（如有）一般不应被征收印花税。

Similarly, in the event of a change of trustee for the Trust, there should also be no stamp duty imposed on any document effecting the appointment of a new trustee and the transfer of trust assets from the incumbent trustee to the new trustee.

同样地，如信托受托人变更，关于任命新受托人及将信托资产从原受托人转移至新受托人的文件，一般亦无需缴纳印花税。

GST

商品与服务税（GST）

The sale of the Units by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply and no output GST is chargeable.

由属于新加坡GST辖区的已注册GST投资人向同属新加坡的另一人出售单位，该行为属于免税供应，无需缴纳销项GST。

As such, any input GST incurred by the GST-registered investor in making the exempt supply is therefore generally not recoverable from the Singapore Comptroller of GST.

因此，已注册GST投资人为进行此类免税供应而产生的进项GST通常无法向新加坡税务局申请抵扣或退税。

Where the Units are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually to a person who belongs outside Singapore and for the direct benefit of a person belonging outside Singapore or a GST-registered person who belongs in Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply subject to GST at 0%.

若单位由一名已注册GST投资人在其业务范围内出售给属于新加坡以外的人，且该交易是为了新加坡境外人士的直接利益，或为属于新加坡的已注册GST人士之利益，且符合若干条件，则此类销售一般视为应税供应，可适用0%的GST税率。

Subject to the normal rules for input tax claims, any input GST incurred by the GST-registered investor in making such a supply in the course of or furtherance of a business carried out by such investor may be fully recoverable from the Singapore Comptroller of GST.

依据正常进项税申报规则，投资人因开展该业务产生的进项GST，可向新加坡税务局申请全额抵扣或退还。

Each prospective investor should consult an independent tax advisor on the recoverability of input GST incurred on expenses in connection with the purchase and sale of the Units.

每位拟投资人应就购买与出售单位过程中产生费用的进项GST抵扣资格，咨询独立税务顾问。

Services consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the Units rendered by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor’s purchase, sale or holding of the Units should be subject to GST at the standard rate of 9%.

已注册GST的服务提供者向属于新加坡GST辖区的投资人就其购买、出售或持有单位所提供的安排、撮合、承销或咨询服务，涉及单位的发行、分配或所有权转让，应适用9%的标准GST税率。

Similar services rendered by a GST-registered person contractually to a person who belongs outside Singapore and for the direct benefit of a person belonging outside Singapore or a GST-registered person who belongs in Singapore should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.

如该类服务系由已注册GST人士按合约提供给一位属于新加坡境外之人，且该服务为境外人士或属于新加坡的已注册GST人士所直接受益，且符合特定条件，则该服务通常可适用0%的GST税率。

I.C.S.205.Tax.SG.Individual Income Tax

I.C.S.205.Tax.SG.Individual Income Tax

一、基本原则

二、海外收入

1、“outside Singapore and received in Singapore”

2、“outside Singapore”的例外情况

3、“received in Singapore”的例外情况

三、实际应用的场景

1、工资

2、股息

3、投资

4、在新加坡投资S&P500（S27）

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