The Inland Revenue Authority of Singapore (IRAS) has issued two advance ruling summaries on whether economic substance requirements have been met for the purpose of Section 10L of the Singapore Income Tax Act (ITA). Effective 1 January 2024, Section 10L provides for the taxation of foreign-source capital gains unless economic substance requirements are met.
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Advance Ruling Summary No. 13/2025
1. Subject:
Whether
a. The foreign-sourced disposal gains derived by Company A from the d…