14 October 2015
Taxable income is income that is subject to tax. Income accrued in or derived from Singapore as well as income received from outside Singapore is taxable.
Under section 10(25) of the Income Tax Act, income from outside Singapore is considered received in Singapore when it is:
- remitted to, transmitted or brought into Singapore;
- used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or
- used to purchase any moveable property brought into Singapore.
In this update, information from the e-Tax Guide on “Section 10(25) of the Singapore Income Tax Act – Interpretation And Practice (3rd Edition)” was transferred to that web page. The e-Tax Guide is no longer available.
The related FAQs were also updated or revised:
- taxability of donations
- taxability of income distribution from Real Estate Investment Trusts (REITs)
- taxability of foreign-sourced income if the income is applied to purchase any movable property which is brought into Singapore
- proof of remittance of non-income funds into Singapore.
The update was made on 6 October 2015.
For further details, please refer to the IRAS website.