[World Tax News] Singapore releases E-Tax guide on tax exemptions for certain foreign-sourced income and more
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- Last Updated on 12 December, 2022
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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Singapore releases E-Tax guide on tax exemptions for certain foreign-sourced income
The Singapore government has published an E-Tax guide that provides information on tax exemptions for certain types of foreign-sourced income. This guide is intended to help companies understand the conditions under which they may be eligible for tax exemptions on foreign-sourced dividends, foreign branch profits, and foreign-sourced service income.
Companies carrying out substantive business activities overseas and receiving specified foreign income in Singapore may be eligible for tax exemption under section 13(12) of the Income-tax Act (ITA) under certain specified scenarios provided the specified foreign income is remitted to Singapore. This exemption applies to foreign-sourced dividends, foreign branch profits, and foreign-sourced service income.
The updates in the Tax guide are expected to be applicable from the Year of Assessment 2024. The tax guide provides certain conditions and scenarios where exemption is allowed. The key exemptions enlisted are:
a) Certain foreign-sourced income received in Singapore by resident companies under the scenarios specified in the e-Tax guide
b) Certain foreign-sourced income received in Singapore by the trustees of Real Estate Investment Trusts listed on SGX (S-REITs), S-REITs’ wholly-owned (directly or indirectly) Singapore incorporated and resident companies, or S-REITs’ wholly-owned Singapore sub-trusts specified in the e-Tax guide.
c) Certain foreign-sourced income received in Singapore by listed resident entities or their wholly-owned Singapore resident subsidiary companies from qualifying offshore infrastructure project/asset.
d) Foreign-sourced income received in Singapore by resident taxpayers on a case-by-case basis.
Source: E-Tax Guide issued by IRAS
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