Transfer of a Going Concern

LexisNexis Practical Guidance: Singapore Tax, 2018

Posted: 16 Aug 2019

See all articles by Vincent Ooi

Vincent Ooi

Singapore Management University - School of Law; Singapore Management University - Centre for AI & Data Governance

Date Written: October 1, 2018

Abstract

The sale of a business is in substance the sale of a number of assets bundled together. Generally, GST would be charged on the transfer of each asset according to the rules applicable to that asset, i.e. standard-rate, zero-rate or exempt.

However, where a business is transferred as a going concern (a “TOGC”), the transaction may be treated as an excluded transaction under the Goods and Services Tax (Excluded Transactions) Order. If so, the trans-action would be treated as neither a supply of goods nor a supply of services and therefore outside the scope of GST. No GST is then chargeable on the sale of the business.

Keywords: Tax Law

Suggested Citation

Ooi, Vincent, Transfer of a Going Concern (October 1, 2018). LexisNexis Practical Guidance: Singapore Tax, 2018. Available at SSRN: https://ssrn.com/abstract=3436539

Vincent Ooi (Contact Author)

Singapore Management University - School of Law ( email )

55 Armenian Street
Singapore, 179943
Singapore

HOME PAGE: http://law.smu.edu.sg/faculty/profile/156436/Vincent-OOI

Singapore Management University - Centre for AI & Data Governance ( email )

55 Armenian Street
Singapore
Singapore

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