Company: OTSA
Filing Date: 2025-03-26
Form Type: DRS/A
Source: 0001013762-25-002776
Chunk: 241

Company: OTSAW Ltd
Filing Date: 2025-03-26
Form: DRS/A
Chunk 241
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 Shares for the foreseeable future. See “Dividend Policy” for more information. For your information, in respect of a company that is not tax resident in Singapore, for Singapore tax purposes, dividends paid by the company should generally be considered as foreign sourced income. In respect of a company that is tax resident in Singapore, under the one -tiercorporate 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. Singapore also does not currently impose withholding tax on dividend distributions. Gains on Disposal of Ordinary Shares 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. 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 Company’s Class A Ordinary Shares may be construed to be of an income nature and 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. However, it should be noted that with effect from January 1, 2024, Section 10L of the SITA 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. 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 shares in or securities issued by a company, or any right or interest in such shares or securities, they are generally regarded to be situated where the company is incorporated. 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 and other tax consequences which may be applicable to their individual circumstances. Subject to certain conditions being satisfied, gains derived by a company from the disposal of the Company’s Class A Ordinary Shares between the period of June 1, 2012 and December 31, 2027 (inclusive of both dates) will not be subject to Singapore income tax, if the divesting company holds a minimum shareholding of 20% of the Ordinary Shares in the Company and these shares have been held