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Tax residency of a company: New and revised guidelines
This alert provides an overview of the new and revised guidelines for tax residency and our observations.
In December 2023, the Inland Revenue Authority of Singapore (IRAS) has announced new guidelines and revised considerations on the determination of tax residency of a company. Notably, the new guidance focuses on hybrid or virtual Board of Directors meetings while the revised considerations are relevant to a foreign-owned investment holding company in Singapore.
The new guidelines and revised considerations are results of a review conducted by the IRAS, given the changes in business environment and international practices.
This alert provides an overview of the new and revised guidelines for tax residency and our observations.