Singapore Court of Appeal tax cases

2014

AQQ v Comptroller of Income Tax

[2014] SGCA 15; [2014] 2 SLR 847

Section 33 of the Income Tax Act is a general anti-avoidance rule that empowers the Comptroller to disregard or vary arrangements whose purpose or effect, directly or indirectly, is to alter the incidence of tax, subject to the statutory commercial-purpose exception; on the facts, the financing arrangement was a tax-avoidance scheme but the Comptroller's particular adjustment exceeded what section 33 permitted.