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The parliament passed the State Revenue Legislation Further Amendment Act 2020 which became law on 24 June 2020. The provisions of this Act applies the foreign residents surcharge to discretionary trusts including testamentary discretionary trusts which own residential property, where a beneficiary is or could become a "foreign resident".
"I need to recover my debts/rent, I've got to take them to court."
Covid 19 has brought the most difficult times for some businesses reminiscent of the Great Depression of the 1930's. Whilst we are all together in this economic downturn, keeping communications open is an absolute necessity. Regretfully, whilst most people are being respectful, some are using the Covid 19 restrictions to avoid debts owed.
Jeffrey Choy,
JCL Legal
BiziNet Magazine #102 - June/July 2020
