Conditions and calculation
The claimant must be resident in the relevant basis year, foreign tax must be paid or payable on the same income, and the income must be taxable in Singapore. Ordinary FTC is the lower of actual foreign tax and Singapore tax attributable to the net foreign income, subject to relevant treaty terms.
Filing and documents
Claim through the annual Form B or P. For business revenue of S$500,000 or more, upload evidence with the statement of accounts; below that threshold, submit it through myTax Mail after filing. Evidence covers services, location, any overseas PE, gross foreign income and proof of tax. Partnerships also enter the foreign tax rate and amount in the return.
Pooling and later tax reductions
FTC pooling requires foreign tax paid, a source-jurisdiction headline corporate rate of at least 15% when income is received in Singapore, and Singapore taxability with FTC entitlement. The pooled credit is capped at the lower of pooled foreign tax and Singapore tax on qualifying income. A later foreign-tax reduction making FTC excessive must be notified within one year of that adjustment; this requirement applies from 16 November 2021.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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