Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 158

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 158
---
ent Fund contributions
in 2023, would receive SGD2,000. A company may receive up to SGD40,000 of benefits under such 2024 Budget initiatives.

It was further
announced in the 2025 Budget that a Corporate Income Tax Rebate of 50.0% of the corporate income tax payable would be granted to all
taxpaying companies for the Year of Assessment 2025, and companies that employed at least one local employee and made Central Provident
Fund contributions in 2024, would receive SGD2,000. A company may receive up to SGD40,000 of benefits under such 2025 Budget initiatives.

Dividend distributions

Singapore does not impose income tax on dividends paid by a Singapore resident company to resident or non-resident shareholders. Currently, Singapore has adopted the “One-Tier” Corporate Tax System. Under this one-tier system, the tax paid by a Singapore resident company is the final tax and the after-tax profits of such company can be distributed to the shareholders as dividends which are tax exempt in the hands of the shareholder, regardless of the tax residence status or the legal form of the shareholder.

| 87 |

Capital gains tax

Under current Singapore tax law, there is no general tax on capital gains. However, save as described below, there are no specific legislation or regulations which deal with the characterization of whether a gain is income or capital in nature. If the gains from the disposal of Class A ordinary shares are construed to be of an income nature (which could be the case if, for instance, the gains arise from activities which IRAS regards as carrying on a trade or business in Singapore), the disposal profits would be taxable as income. As the precise status of each prospective investor will vary from one another, each prospective investor should consult an independent tax advisor on the Singapore income tax and other tax consequences that will apply to their individual circumstances.

Subject to certain conditions being satisfied and Section 10L of the ITA, gains derived by a company (“divesting company”) from the disposal of our Class A ordinary shares during the period between June 1, 2012 and December 31, 2027 (inclusive of both dates) will be exempt under Section 13W of the ITA from Singapore income tax, if the divesting company legally and beneficially owned at least 20% of our ordinary shares and such ordinary shares have been legally and beneficially held by the divesting company for a continuous minimum period of 24 months ending on the date immediately