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Taxation of gains from sale of foreign assets
Taxation of gains from sale of foreign assets received in Singapore by businesses without economic substance.
On 3 October 2023, the Singapore Parliament passed legislative amendments introducing a new Section 10L to the Singapore Income Tax Act 1947 (SITA). This new provision will tax gains from the sale or disposal of foreign assets on or after 1 January 2024 that are received in Singapore by businesses without adequate economic substance in Singapore. This applies even if the gains are capital in nature or tax-exempt, e.g., under Section 13W of the SITA, unless they meet certain exceptions.
In this alert, we provide a summary of the salient changes, our observations and the key issues that businesses should consider when evaluating the potential implications to their operations.
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