Singapore Tax Agency Updates E-Tax Guide on Foreign-Sourced Income Exemption for S-REITs, Specified Projects, Scenarios

The Singaporean Inland Revenue Authority June 30 updated an e-Tax guide on the income tax exemption for foreign-sourced income for real estate investment trusts listed on the Singapore Exchange (S-REITs), for qualifying offshore infrastructure projects and assets, and for specified scenarios. Updates include that effective Feb. 19: 1) the exemption is expanded to S-REIT trustees for certain income from wholly-owned sub-trusts or resident companies, applicable from assessment year 2024; 2) the requirement that certain companies be incorporated in Singapore is removed; 3) foreign-sourced rental and ancillary income remitted into Singapore is included in an S-REITs foreign income; 4) remitted income, ...