Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 160

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 160
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 entity has adequate economic substance in the basis period in which the sale or disposal occurs. That said, tax exemption under Section 13(1)(zu) of the ITA will be given on any gains from the sale or disposal of an asset that are treated as income under Section 10L of the ITA where the gains are assessable as the income of an individual. The tax exemption will not be granted if the gains are business revenue gains.

In addition, shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 (“FRS 39”), Financial Reporting Standard 109 (“FRS 109”) or Singapore Financial Reporting Standard (International) 9 (Financial Instruments) (“SFRS(I) 9”) (as the case may be), for the purposes of Singapore income tax may be required to recognize gains or losses (not being gains or losses in the nature of capital) in accordance with the provisions of FRS 39, FRS 109 or SFRS(I) 9 (as modified by the applicable provisions of Singapore income tax law) even though no sale or disposal of our Class A ordinary shares is made. Singapore corporate shareholders who may be subject to such tax treatment should consult their own accounting and tax advisors regarding the Singapore income tax consequences of their acquisition, holding and disposal of our Class A ordinary shares.

Goods and services tax

Goods and services tax, or GST, in Singapore is a consumption tax that, save for zero-rated supplies and exempt supplies, is levied on import of goods into Singapore as well as all supplies of goods and services in Singapore by a person who is or is required to be registered under the Goods and Services Tax Act 1993 of Singapore, at a prevailing rate of 9.0% from and including January 1, 2024.

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Estate duty

With effect from February 15, 2008, Singapore estate duty has been abolished.

Individuals, whether or not domiciled in Singapore, should consult their own tax advisors regarding the Singapore tax and estate duty consequences of their ownership of our Class A ordinary shares.

Others

The Singapore Parliament had on October 15, 2024 passed the Multinational Enterprise (Minimum Tax) Bill of Singapore, which introduced the Multinational Enterprise (Minimum Tax) Act 2024 of Singapore, or the MEMTA. The MEMTA had come into operation on January 1, 2025.

Subject to the fulfilment of certain conditions, the MEMTA applies