This printed article is located at http://sphreit.listedcompany.com/tax_refund.html
Who can claim the tax over-deducted through the back-end refund process?
The back end refund process is meant for the refund of tax which had been previously withheld at the prevailing corporate tax rate from the distribution instead of payment of gross distributions to the following beneficial unitholders:-
- Individuals holding SPH REIT units through a Depository Agent and who have received SPH REIT distributions after tax-deduction at the prevailing corporate tax rate instead of at gross; or
- Foreign non-individuals holding SPH REIT units through a Depository Agent or in their own names and which have received SPH REIT distributions after tax-deduction at the prevailing corporate tax rate instead of 10%. The 10% tax rate is applicable only in respect of distributions made during the period from 24 July 2013 to 31 March 2020; or
- A charity registered under the Charities Act (Cap. 37) or established by any written law, a town council, a statutory board, a co-operative society registered under the Co-operative Societies Act (Cap. 62) or a trade union registered under the Trade Unions Act (Cap. 333), collectively referred to as “exempt non-corporate unitholders”, holding SPH REIT units through a Depository Agent or in their own names and which have received SPH REIT distributions after tax-deduction at the prevailing corporate tax rate instead of at gross distributions.
How often is the back-end refund process?
The Manager of SPH REIT (or the “REIT Manager”) will be processing the back-end refund twice a year on 15 May and 15 November but reserves the right to end the half-yearly back-end process if it is deemed to be no longer necessary with advanced notice.
Following from the above, you will have to return the completed declaration form to the Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., within the time limit stipulated for each back-end refund. If the stipulated dates happen to fall on a weekend or public holiday, the deadline will be the next working day.
Where can I get the back-end refund tax declaration form?
The back-end refund tax declaration form can be downloaded from SPH REIT’s website at http://www.sphreit.com.sg/ under Investor Relations.
Is identification number required on the declaration form for back-end refunds?
Identification number such as Singapore NRIC number, passport number or foreign identification number is required for individuals who hold their units through Depository Agents.
What do I need to submit in order to claim the tax withheld?
- If you are a foreign non-individual or an exempt non-corporate unitholder holding SPH REIT units directly:
- Download and complete Form R1. Please use a separate Form R1 for each income distribution period.
- Submit the duly completed Form R1, accompanied by the original Subsidiary Income Tax Certificate (“SITC”) or the Annual Distribution Statement (“ADS”) issued by the The Central Depository (Pte) Ltd for the distribution in respect of which the claim for refund is made to the Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place #32-01 Singapore Land Tower, Singapore 048623.
- If you are an individual, a foreign non-individual or an exempt non-corporate unitholder and you hold SPH REIT units through a Depository Agent, please liaise with your Depository Agent on your claim for refund. The claim will be made on your behalf by your Depository Agent.
- If you are a Depository Agent and wish to claim for refund on behalf of beneficial unit owners who are individuals, foreign non-individuals or exempt non-corporate unitholders:
- Download and complete Form R2, including Annexes 1 and 2. Please use a separate Form R2 for each income distribution period.
- Submit the duly completed Form R2, accompanied by the original SITC for the distribution in respect of which the claim for refund is made to the Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623.
- Please email a soft copy of the completed Annexes to Boardroom Corporate & Advisory Services Pte. Ltd. at srs.teamC@boardroomlimited.com.
When do I submit Form R1 or R2?
You may submit Form R1 and R2 with the accompanying SITC or ADS at any time. The REIT manager will process the claim for refund from Inland Revenue Authority of Singapore ("IRAS") on a half yearly basis.
Will I get a refund if I do not submit my SITC or ADS?
The REIT manager will not process the refund if the SITC or ADS is not submitted.
Will the REIT manager issue an amended tax certificate for the refund?
The REIT Manager will issue a letter together with the cheque for the refund amount to the Depository Agents and unitholders who hold the units directly. This letter will serve as evidence that the tax refunds have been made.
How soon will I receive the tax refund?
The tax refund will be paid to the Depository Agents and unitholders as soon as practicable after the receipt of tax refund from the IRAS by the Trustee of SPH REIT.
Is there a time limit for claim of tax refund?
Every claim for refund must be made to the IRAS within 4 years from the end of the year of assessment to which the claim relates. For example, for claiming of refund in respect of taxable income distribution made by SPH REIT for the period 24 July 2013 to 31 August 2013 (which relates to the Year of Assessment 2014), the claim for refund must be submitted to the IRAS on or before 31 December 2018. Unitholders and Depository Agents must ensure that the relevant Forms are submitted on a timely basis to allow SPH REIT to make the refund claims within the prescribed time limit. The IRAS will not process any claim that is out of time.