If you are an expat running a business through a company or partnership registered in another country, Singapore may classify your entity differently from how it is classified at home. This can change how you are taxed. The Inland Revenue Authority of Singapore (IRAS) applies the “Resemblance Approach” to determine the tax treatment of your foreign entity. […]
As an Expat running a business in Singapore, you may be considering the idea of setting up an offshore parent company in an offshore jurisdiction to hold your Singapore entity. The Structure This structure has certain advantages, as Singapore has Double-Taxation Agreements (“DTA”) with over 100 countries which provide benefits such as reduced withholding tax […]
Expatriates in Singapore may receive overseas income that has already been taxed in another country. Without relief, this same income could be taxed again in Singapore, resulting in double taxation. To prevent this, Singapore provides a Foreign Tax Credit (FTC). What is FTC? The Foreign Tax Credit (FTC) is a system which allows Singapore tax […]