Back-end Tax Refund for Distributions
All individuals will receive their distributions from AIMS AMP Capital Industrial REIT (“AA REIT”) without tax being deducted at source, i.e. gross distributions. Distributions made by AA REIT to individuals, whether local or foreign, are tax exempt except where such distribution is derived by the individual through a partnership in Singapore or from the carrying on of a trade, business or profession. Individuals who derived the distributions through a partnership in Singapore or from the carrying on of a trade, business or profession must declare their distributions as income in their tax returns.
In accordance with Section 45G of the Singapore Income Tax Act, distributions made to non-resident non-individual Unitholders are subject to withholding tax requirements. The Trustee of AA REIT has to deduct tax at the prevailing corporate tax rate from the gross distributions except for distributions made to Qualifying Non-Resident Non-Individual Unitholders for the period from 19 April 2007 to 31 March 2020 where the tax is deducted at the reduced rate of 10 per cent.
If tax has been deducted from distributions at a higher rate than the applicable tax rate, eligible Unitholders may claim a refund of the tax over-deducted from the Inland Revenue Authority of Singapore (“IRAS”) through the Trustee and Manager of AA REIT. The procedures for this back-end refund claim are set out below.
How to make a claim?
(A) Foreign Non-Individuals who are direct Unitholders of AA REIT
1. Download and complete Form R1. Please use separate declaration forms for each income distribution period. Please read the notes set out in the declaration form carefully before you complete the form.
2. Submit the duly completed Form R1, accompanied by the original Annual Dividend Statement ("ADS") issued by The Central Depository (Pte) Limited or the original subsidiary income tax certificate ("SITC") showing that tax was deducted for the distribution in respect of which the claim for the refund is made, to Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623.
(B) Individuals or Foreign Non-Individuals whose Units are held through a Depository Agent
Please contact your Depository Agent to claim the refund on your behalf.
(C) Depository Agents
1. Download and complete Form R2, including Annexes 1 and 2. Please use separate declaration forms for each income distribution period.
2. Submit the duly completed Form R2 accompanied by the original SITC issued showing that tax was deducted for the distribution in respect of which the claim for refund is made to Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623.
Please note that your declaration of the status of the beneficial owner or beneficial owners of the Units deposited in a particular sub-account (i.e. individuals / foreign non-individual investors) must be properly substantiated. You must ensure that you have appropriate documents to support your declaration. Where the Units are held through more than one-tier of nominees, please note that the confirmation must be from the ultimate beneficial owners. You do not need to submit these substantiating documents with the declaration forms. Please also ensure that you keep records of the amount of distributions made to each beneficial owner as the IRAS may require such information.
No refund of tax will be done where such declaration of confirmation is not obtained.
3. Email a softcopy of the completed forms, annexes and supporting documents to Boardroom Corporate & Advisory Services Pte. Ltd. to SHS-SD.CA@boardroomlimited.com.
When to submit Form R1 or Form R2?
Submission deadline is the last business day of September of every year.
You may submit Form R1 or Form R2, accompanying SITC, ADS and supporting documents to Boardroom Corporate & Advisory Services Pte. Ltd. at any time before the deadline.
The Trustee and Manager of AA REIT will collate the claims for refund submitted by Unitholders and Depository Agents and make a claim to IRAS on a yearly basis.
When will Unitholders/Depository Agents receive the tax refund?
The amount of tax over-deducted will be refunded to Unitholders/Depository Agents only after IRAS has refunded the amount to the Trustee of AA REIT.