Debated in Parliament on 6 Nov 2025.
The following statement was made in a reply given by the Senior Minister of State for Finance (Mr Jeffrey Siow) during the Second Reading of the Finance (Income Taxes) Bill at the Sitting of 6 November 2025:
Mr Louis Chua asked if companies that received the RIC are required to adopt the arm's length principle. The answer is, yes, the RIC recipients must ensure that qualifying expenditures incurred from transactions with related parties are at arm's length. [Please refer to "Finance (Income Taxes) Bill", Official Report, 6 November 2025, Vol 96, Issue 11, Second Reading Bills section.]
Written statement by Mr Jeffrey Siow circulated with leave of the Speaker in accordance with Standing Order No 29(5):
I wish to make the following factual correction to my reply given during the Second Reading of the Finance (Income Taxes) Bill at the Sitting of 6 November 2025. My reply should read as follows:
Assoc Prof Jamus Lim asked if companies that received the RIC are required to adopt the arm's length principle. The answer is, yes, the RIC recipients must ensure that qualifying expenditures incurred from transactions with related parties are at arm's length.
PAPERCUTS