Tax Exemptions of Foreign Sourced Income in Singapore
Singapore tax policy is excellent, and this is why the country is often regarded as the tax haven. Factors like low and competitive tax rates, exemption schemes and a series of tax incentives make the nation more attractive for the foreign investors. Most prominently, the government of the country liberalized the Singapore taxation rules on foreign sourced income. As per the Singapore Tax Act, Section 10(1), the Singapore corporate tax is levied on the income earned from Singapore or received in Singapore from outside the country. Specifically, income earned outside Singapore is subject to taxation in Singapore. However, some exceptions are there. Foreign sourced income is only taxable if it has an office or branch in Singapore. Under the Section 10 (25) of Singapore Tax Act, foreign-sourced income is taxed only when the income is received in Singapore in following ways: The income that is transferred, remitted or brought into Singapore Any amount of income received from ...