In this guide, you will learn about the tax treatment of foreign-sourced income in Singapore. We will help you understand the scope of the foreign-sourced income exemption (FSIE) scheme under Sections 13 (7A) to 13 (11) of the Income Tax Act (ITA) of Singapore. Singapore has a progress...
Can Singapore tax resident companies benefit from tax exemptions on foreign-sourced income, and what types of foreign-sourced income fall under this exemption? How does Singapore handle taxation on foreign income, and what relief measures, including Double Tax Relief (DTR) and Unilateral Tax Credit...
It could retain Hong Kong’s long-established territorial source principle of taxation on active income and avoid unnecessary tax dispute. Currently, foreign-sourced disposal gains on equity interests, whether or not they are capital or revenue in nature, would fall under the existing...
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (Bill) is gazetted on 28 October 2022 and will be introduced into the Legislative Council on 2 November 2022. The overall framework of the refined FSIE regime under the Bill remains largely the same as that...
The Hong Kong Foreign-Sourced Income Exemption (FSIE) regime, which came into effect on January 1, 2023, is set to undergo for further enhancements, with the anticipated changes scheduled to take effect from January 1, 2024. Companies engaged in business transactions in Hong Kong should vigilant...
The draft legislation that refines Hong Kong's FSIE regime by expanding the scope of foreign-sourced disposal gains (the Bill1) was passed by the Legislative Council yesterday (i.e., 29 November 2023).
beneficiaries and any U.S.-sourced income. Failure to report can lead to substantial penalties and potential criminal charges. Estate planning involving foreign assets requires careful consideration of FATCA rules. Executors must ensure proper reporting of foreign accounts and assets held by the ...
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (Bill) on Hong Kong's FSIE regime was passed by the Legislative Council today.