SGX RegCo, REITAS Urge All US REIT Unitholders To Submit Tax Forms

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Date 27/02/2024

Singapore Exchange Regulation (SGX RegCo) and the REIT Association of Singapore (REITAS) urge all holders of REITs whose primary investment is US assets (relevant REITs) to submit the relevant US withholding tax forms and certificates in a timely manner to their stockbrokers (for non-SRS investors) or nominee banks (for SRS/CPFIS investors) when requested to do so.

When a unitholder returns the completed US withholding tax forms and certificates (principally the US Internal Revenue Service Form W-8), subject to validation, the REIT will not have to pay US withholding taxes on its suspended or reduced dividend distributions. This will help the relevant REITs to preserve cash amid difficult US market conditions, particularly in the office property sector, to meet loan repayment obligations, and to continue to reinvest in the properties. 

Should a unitholder fail to submit the relevant US withholding tax forms and certificates, the REITs which have suspended or reduced distributions would be exposed to withholding tax that would otherwise not be payable. 

It is important that all unitholders in the relevant REITs take prompt action to submit the relevant tax forms as this will protect the interests of the REITS and unitholders.  

Please refer to the respective REIT’s communication in relation to the timing, process and submission of the relevant tax forms.

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