Tax Refund Procedures for CapitaMall Trust Unitholders

Background

The Singapore Government announced in the 2004 Budget that distributions made by Real Estate Investment Trusts ("REITs") to Individuals, whether foreign or local, on or after 1 January 2004 will be tax exempt. Arising from this tax exemption, the Inland Revenue Authority of Singapore ("IRAS") has allowed CapitaMall Trust ("CMT") to make gross distributions (i.e. without tax deducted at source) to all Individuals (excluding partnerships). Individuals who derived the distributions through a partnership in Singapore or from the carrying on of a trade, business or profession are not eligible for this tax exemption and are required to declare the distributions in their income tax returns, notwithstanding that gross distributions are made to them.

To encourage foreign investors to invest in and further develop the Singapore REITs market, the Singapore Government had also announced in the 2005 Budget a reduction in the withholding tax rate on REITs distributions to Foreign Non-individual Unitholders from 20% to 10% for distributions made during the period from 18 February 2005 to 17 February 2010.

Arising from these changes on the taxation of REITs distributions to Individuals (both local and foreign) and Foreign Non-Individual Unitholders, CMT has, together with the IRAS, established these procedures to allow eligible Unitholders to claim a refund of tax, if any, over-deducted from distributions made to them.

Which Unitholders Are Eligible For This Tax Refund?

Eligible Unitholders are:

1. Individuals holding CMT Units through a Depository Agent and have received CMT distributions (relating to the distribution periods commencing on or after 1 January 2004) after tax-deduction of 20%; or
2. Foreign Non-individual holding CMT units through a Depository Agent and have, on or after 18 February 2005, received CMT distributions after tax-deduction of 20% instead of 10%; or
3. Foreign Non-individual holding CMT units in their own name and have, on or after 18 February 2005, received CMT distributions after tax-deduction of 20% instead of 10%.

How To Make A Claim?

1. If you are a Foreign Non-individual holding CMT Units in your own name, Click Here.
2. If you are an Individual or a Foreign Non-individual holding CMT Units through Depository Agents, please liaise with your respective Depository Agent on your claim for the tax refund. The claim will be made on your behalf by your Depository Agent.
3. If you are a Depository Agent and wish to claim for the Tax Refund on behalf of beneficial owners who are Individuals or Foreign Non-individuals, Click Here.

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