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Singapore proposes tax on gains from the disposal of foreign assets

News Team, 11/07/2023

A new provision taxing gains received in Singapore from the sale of foreign assets by businesses without economic substance in Singapore has been proposed in the draft Income Tax (Amendment) Bill 2023, which amends the Income Tax Act 1947 (ITA).

The new provision - Section 10L - taxes gains received in Singapore from the sale of foreign assets by a relevant entity without economic substance in Singapore. Whether a relevant entity has economic substanc...


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