SingTel deserves tax refund for gifting Singapore govt a stake in Airtel

SingTel has been a big backer of Bharti founder Sunil Mittal, a former bicycle-parts trader who gained the most from the 1990s liberalisation of Indian telecom

Singapore Telecommunications Ltd. should ask for a tax refund.

After all, here’s a telco that got the chance to maintain its stake in an overseas business on the cusp of something new at a steep discount to the market price.

And what did it do? SingTel renounced a part of those rights in favour of Singapore’s sovereign wealth fund for no consideration.Yes, gratis, free of charge.

Given that GIC Pte’s investment returns play a big role in funding Singapore’s increasingly welfarist budget, it’s only fair that SingTel should ask for a tax offset against its gift to the fund.

Let’s