IDA Files Writ against SingTel to Recover Tax Provision in Compensation Payout

The Info-communications Development Authority of Singapore (IDA) today filed a writ against Singapore Telecommunications Limited (SingTel). This is to recover a $388 million provision for tax that was mistakenly included in the $1.5 billion compensation sum paid to SingTel...

Singapore, 26 July 2001 | For Immediate Release

The Info-communications Development Authority of Singapore (IDA) today filed a writ against Singapore Telecommunications Limited (SingTel). This is to recover a $388 million provision for tax that was mistakenly included in the $1.5 billion compensation sum paid to SingTel in March 1997 for the early loss of monopoly rights. In fact, as SingTel was informed in October 2000 by the Inland Revenue Authority of Singapore, the compensation sum is not taxable. IDA requested the return of the $388 million provision for tax. The writ has been filed as SingTel has not made payment to IDA.

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ISSUED BY CORPORATE COMMUNICATION DIVISION
INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE

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For media clarifications, please contact:

Ms Dulcie Chan
Senior Manager, Corporate Communication
Infocomm Development Authority of Singapore
Tel: +65 211-1999
Fax: +65 211-2227
Email: dulcie_chan@imda.gov.sg

Ms Jennifer Toh
Manager, Corporate Communication
Infocomm Development Authority of Singapore
Tel: +65 211-0508
Fax: +65 211-2227
Email: jennifer_toh@imda.gov.sg