Singapore Publishes New FAQs on Taxable and Non-taxable Income and Foreign Tax Credit

The Inland Revenue Authority of Singapore has published updates to its FAQs on Taxable and Non-taxable Income and Foreign Tax Credit. The new FAQs are as follows:

Taxable and Non-taxable Income

Is foreign-sourced income that is kept offshore ("foreign-sourced offshore income") and used for payment of one-tier tax exempt dividends into the shareholder's offshore bank account considered received in Singapore and subject to tax?

No. The foreign-sourced offshore income used by a company i…