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

The Singaporean Inland Revenue Authority Jan. 7 updated the 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. Updated topics include that: 1) a foreign qualified domestic minimum top-up tax (QDMTT), or substantially similar tax, and Singapore’s domestic top-up tax (DTT), should be taken into account in determining the tax paid in a foreign tax jurisdiction and Singapore, respectively; 2) qualified income inclusion rule (IIR) and qualified undertaxed profits rule (UTPR) taxes, or substantially similar taxes, shouldn’t ...