IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 30 May 2014 | Removal date: open ended
Still in force

FDI: Financial incentive

On 30 May 2014, the Inland Revenue Authority of Singapore (IRAS) amended the tax exemption under Section 13(12) of the Singapore Income Tax Act. The Section provides for tax exemptions in overseas income of Singapore companies, Singapore listed real estate investment trusts (S-REITs) and Singapore listed entities that invest in offshore infrastructure projects or assets.
 
Relevant amendments are - 

  • Tax exemptions granted to overseas investments by S-REITs were available only until 31 March 2015. The exemptions available to existing investments by S-REITs have been extended indefinitely while no exemptions are available for new overseas property acquisitions done by existing or new S-REITs after 31 March 2015.
  •  Earlier, Singapore resident and listed entities had tax exemptions on foreign sourced interest income from qualifying offshore infrastructure projects/assets. With the amendment, all foreign-sourced dividend income originating from such interest income will also be tax exempt.

 

AFFECTED COUNTRIES

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