Serial System (SGX:S69) said Singapore's tax authority, IRAS, has accepted its position that a SG$5.9 million one-off receipt related to a transfer in 2020 is capital in nature and will revise the tax assessment accordingly, according to a Thursday filing on the Singapore Exchange.
However, IRAS maintained that the fair value gain on its Unitron investment is on the revenue account, leaving the SG$1 million protective tax assessment for 2019 unchanged.
Serial System said its subsidiary, SMPL, and its tax adviser will continue to engage with IRAS to resolve the matter.
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