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:-
|1.1||Individuals holding Sabana REIT units through a Depository Agent and have received Sabana REIT distributions after tax-deduction at the prevailing corporate tax rate instead of at gross; or|
|1.2||Foreign non-individuals holding Sabana REIT units through a Depository Agent or in their own name and have received Sabana 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 26 November 2010 to 31 March 2020.|
The Manager of Sabana REIT (or the "REIT Manager") will be processing the back-end refund once a year on 31 December but reserves the right to end the yearly back-end process if it is deemed to be no longer necessary with advance 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.
The back-end refund tax declaration form can be downloaded from Sabana REIT's website at http://www.sabana-reit.com/
Identification number such as Singapore NRIC number, passport number or foreign identification number is required for individuals who hold their units through Depository Agents.
Foreign non-individual investors who hold Sabana REIT units directly are required to submit the completed declaration Form R1 together with the original subsidiary income tax certificate ("SITC") or the Annual Dividend Statement ("ADS") issued by the Central Depository (Pte) Ltd for the distribution in respect of which the claim for refund is made to the Manager, Sabana Real Estate Investment Management Pte. Ltd., 151 Lorong Chuan, #02-03, New Tech Park, Singapore 556741.
Depository Agents are required to submit the duly completed Form R2 and Annexes, together with the original SITC for the distribution in respect of which the claim for refund is made to the Manager, Sabana Real Estate Investment Management Pte. Ltd., 151 Lorong Chuan, #02-03, New Tech Park, Singapore 556741. In addition, Depository Agents are required to email a soft copy of the Annexes to Sabana Real Estate Investment Management Pte. Ltd. at firstname.lastname@example.org.
The REIT manager will not process the refund if the SITC or ADS is not submitted.
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.
The tax refund will be paid to the Depository Agents and unitholders as soon as practicable after the receipt of tax refund from the Inland Revenue Authority of Singapore by the Trustee of Sabana REIT.