Singapore has introduced a new tax on sale of foreign capital assets with effect from 1st Jan, 2024

โฉ1. Historically, Singapore does not tax capital gains. Only gains which are โ€œincomeโ€ in nature are taxed. โฉ2. However, from January 1, 2024 onwards, Singapore has introduced into law the new Section 10L of the Income Tax Act 1947 (โ€œITAโ€). โฉ3. Foreign-sourced gains from the sale or disposal of a foreign asset (not being an…

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