Singapore has introduced a new tax on sale of foreign capital assets with effect from 1st Jan, 2024:
⏩1. Historically, Singapore does not tax capital gains. Only gains which are “income” in nature are taxed. ⏩2. However, from January 1, 2024 onwards, Singapore has introduced into law the new Section 10L of the Income Tax Act 1947 (“ITA”). ⏩3. Foreign-sourced gains from the sale or disposal of a foreign asset (not being an …