OrbitaxSingapore's New Reporting Requirement for Foreign Income with Effect from Year of Assessment 2024
|Approved Changes|Singapore
The Inland Revenue Authority of Singapore has updated its guidance on Taxable & Non-Taxable Income, to include information on new reporting requirements for foreign income with effect from the Year of Assessment 2024. The update includes the following:
---
Reporting income received in Singapore from outside Singapore
When foreign income is considered received in Singapore, companies must declare their income in their tax returns and ensure that it is brought to tax. Companies are exp…