Tax Refund Procedures for Unitholders of CapitaLand Mall Trust (now known as CapitaLand Integrated Commercial Trust) and CapitaLand Commercial Trust
Distributions made by Real Estate Investment Trusts ("REITs") listed on the Singapore Exchange to individuals, whether foreign or local, are tax exempt. In this respect, the Inland Revenue Authority of Singapore ("IRAS") has confirmed that all individuals will receive their distributions from CapitaLand Mall Trust ("CMT") (now known as CapitaLand Integrated Commercial Trust ("CICT") and CapitaLand Commercial Trust ("CCT") without tax being deducted at source (i.e. gross distributions). Individuals who derived the distributions from the carrying on of a trade, business or profession or from a partnership in Singapore are not eligible for this tax exemption and are required to declare the distributions in their income tax returns, notwithstanding that gross distributions are made to them.
In addition, REITs' distributions to qualifying non-resident non-individual investors are subject to a reduced rate of tax of 10% for distributions made during the period from 18 February 2005 to 31 December 2025(1) (both dates inclusive).
Lastly, REITs distributions to qualifying non-resident funds are also subject to a reduced rate of tax of 10% for distributions made during the period from 1 July 2019 to 31 December 2025 (both dates inclusive).
The Managers of CMT and CCT have established an arrangement with the IRAS to allow eligible Unitholders to use the back-end tax refund procedures to claim for tax over-deducted, if any, from taxable income distributions made to them.
Which Unitholders Are Eligible For This Tax Refund?
Eligible Unitholders are:
- Individuals holding CICT/CMT and/or CCT Units through Depository Agents; or
- Qualifying Non-Resident Non-individual or Qualifying Non-Resident Fund holding CICT/CMT and/or CCT Units in their own name or through Depository Agents;
- Charities registered under the Charities Act 1994 or established by any written law, town councils, statutory boards, co-operative societies registered under the Co-operative Societies Act 1979, trade unions registered under the Trade Unions Act 1940 or international organisations that are exempt from tax on REITs' distributions by reason of an order made under the International Organisations (Immunities and Privileges) Act 1948 (collectively referred to as "Exempt Non-Corporate Unitholders") holding CICT/CMT Units and/or CCT Units in their own name or through Depository Agents.
How To Make A Claim?
- If you are a Qualifying Non-Resident Non-individual, Qualifying Non-Resident Fund or an Exempt Non-Corporate Unitholder holding the Units of the respective REITs in your own name, Click on the relevant forms below.
- If you are an Individual, a Qualifying Non-Resident Non-individual, Qualifying Non-Resident Fund or an Exempt Non-Corporate Unitholder holding CICT/CMT and/or CCT Units through Depository Agents, please liaise with your respective Depository Agent on your claim for the tax refund. The claim will be made on your behalf by your Depository Agent.
- If you are a Depository Agent and wish to claim for the Tax Refund on behalf of beneficial owners who are Individuals, Qualifying Non-Resident Non-individuals, Qualifying Non-Resident Fund or Exempt Non-Corporate Unitholders, please refer to details under the section "Depository Agents Holding Units of CapitaLand Integrated Commercial Trust/CapitaLand Mall Trust and CapitaLand Commercial Trust on Behalf of Beneficial Owners who are Individuals, Qualifying Non-Resident Non-individual, Qualifying Non-Resident fund or Exempt Non-Corporate Unitholders.
- Or which other date as may be applicable should the duration of the tax concession mentioned herein be subsequently extended.