A guide format, not an approval
The one-page template is expressly a guide only. It records an election under section 24 of the Income Tax Act for fixed assets transferred between companies. Completing it does not, by itself, demonstrate that the transaction meets section 24 conditions. The supplied page has no visible publication date.
Letterhead, date and recipient
Use company letterhead, enter the date and tax reference number, and address the notice to the Comptroller of Income Tax. The printed template gives IRAS at 55 Newton Road, Revenue House, Singapore 307987. Its subject is a notice of election; it is not a request to value assets or incorporate a company.
Identify both companies and the assets
The operative statement identifies the transferor and transferee by company name and tax reference number. It states that the election concerns fixed assets transferred from the former to the latter. Attach the appendix describing the assets transferred or taken over. The page does not prescribe that appendix’s columns, so the displayed letter should not be mistaken for a complete asset schedule.
Both director signatures
The signature block names both companies and provides a director’s signature and name for each. A notice signed for only one company would leave the other side of this format incomplete. Check the companies’ identities, supporting asset schedule and both signatures together before using the guide for the actual transaction.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗