The Inland Revenue Authority of Singapore (IRAS) has published updated guidance on the Tax Treatment of Business Expenses to include guidance in relation to the deductibility of foreign digital taxes. The new guidance is as follows:
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Digital Taxes
The Task Force on the Digital Economy was set up under Action 1 of the OECD/ G20 Base Erosion and Profit Shifting project to consider the tax challenges arising from the digital economy. These challenges centred on the question of how taxing…