With effect from 1 January 2024, despite anything in the Singapore Income Tax Act (“SITA”), except for certain Prescribed Entities, gains arising from the sale or disposal of a Foreign Asset “Received in Singapore” from outside of Singapore by a Relevant Entity will be treated as income chargeable to tax. In addition, the Singapore tax authorities will have the power to adjust the disposal gains where the consideration is not at market value.
The main points of the above are summarised in the attached factsheet.
