Company: OTSA
Filing Date: 2025-03-26
Form Type: DRS/A
Source: 0001013762-25-002776
Chunk: 240

Company: OTSAW Ltd
Filing Date: 2025-03-26
Form: DRS/A
Chunk 240
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 foreign -sourcedincome in the form of dividends, branch profits and service income received or deemed to be received in Singapore, by Singapore tax resident corporate taxpayers on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the following: (i)such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received; and (ii)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 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 (iii)the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the person resident in Singapore. Certain concessions and clarifications have also been announced by the IRAS, with respect to such conditions. Non -residentcorporate taxpayers are also subject to Singapore income tax on income accruing in or derived from Singapore, and on foreign -sourcedincome received or deemed received in Singapore, subject to certain exceptions. The corporate tax rate in Singapore is currently 17%. In addition, three -quartersof up to the first S$10,000 of a company’s (whether tax resident in Singapore or not) annual normal chargeable income, and one -halfof up to the next S$190,000 of the company’s annual normal chargeable income, is exempt from corporate tax from the year of assessment 2020 onwards. The remaining chargeable income (after the tax exemption) will be fully taxable at the prevailing corporate tax rate or applicable concessionary corporate tax rate. 158 Newly incorporated companies which are tax resident in Singapore will also, subject to certain conditions and exceptions, be eligible for tax exemption on three -quartersof up to the first S$100,000 of a company’s annualnormal chargeable income, and one -halfof up to the next S$100,000 of the company’s annual normal chargeable income, for each of the company’s first three years of assessment from the year of assessment 2020 onwards. The remaining chargeable income (after the tax exemption) will be taxed at the prevailing corporate tax rate or applicable concessionary corporate tax rate. Dividend Distributions in respect of Class A Ordinary Shares The Company does not intend to pay any dividends on the Class A Ordinary