Advance Tax Rulings in GMC

Anyone committing capital to a GMC holding, treasury or incentive structure wants to know how the Comptroller will treat it before the money moves. The Income Tax Act 2025 provides for binding advance rulings from the GMC Comptroller under its advance ruling provision and its Seventh Schedule. One point first: that provision is on the statute book but commences only on a date appointed by Gazette notification. Basnet Law Pte. Ltd. is the first law firm incorporated in GMC.

Confirm whether the question is one the Comptroller can rule on, since the Seventh Schedule excludes rulings on penalties, the correctness of returns, prosecutions and debt recovery, and screen it against the grounds on which the Comptroller may decline or must refuse.

Draft the application to the Schedule's disclosure standard: all relevant facts and documents, the provision in issue, the proposition of law, previous applications and a draft ruling.

Apply on behalf of a company yet to come into legal existence, which the Schedule expressly allows.

Handle the Comptroller's information requests and negotiate the assumptions and conditions the ruling will carry.

Advise on the disclosure the taxpayer must make in later returns and on when a ruling ceases to apply.

Groups planning a GMC holding, treasury or IP structure who want the 15% corporate rate confirmed for a specific arrangement. Applicants for founders company or strategic and development company status who need certainty on how an incentive interacts with other provisions. Investors relying on the share disposal exemption for a planned exit. Companies redomiciling into GMC under the Companies Act 2025 who want the redomiciliation tax rules confirmed.