Singapore Tax Agency Updates Guidance on Withholding Tax for Payments to Nonresident Companies

The Singaporean Inland Revenue Authority April 25 updated guidance on the withholding tax rules for payments to nonresident companies. Topics covered include: 1) payment types subject to withholding tax when paid to nonresident companies; 2) that withholding tax applies to interest payments to nonresident companies for loans or debt, with exceptions; 3) that withholding tax applies to any cost reimbursements paid to a nonresident related party for accommodation, meals, and transportation expenses on or after Nov. 1, 2022; 4) that withholding tax will be imposed on gross service fees for services performed in Singapore at the prevailing 17 percent corporate ...