Taxable & Non-Taxable Income

Key requirements

Singapore-source business and investment income is generally taxable. Foreign income may be treated as received in Singapore not only when money is remitted, but also when used to settle a Singapore business debt or purchase movable property brought into Singapore. Foreign income arising from a business carried on in Singapore may be taxable on accrual. Exemptions and foreign tax relief require separate analysis. Companies should track unremitted foreign income, current earnings, amounts received, overseas uses and carried-forward balances; the page describes enhanced computation information from YA 2024. Grants, payouts and digital tokens have their own treatment in the detailed source. A receipt called a grant or capital item should not be assumed exempt without checking its substance and the applicable provision.