AGN Taxpresso: 2023 – Issue 4 (Asia Pacific Tax Publication)

Inside this issue, Mandy Liu at AGN Member Firm Acclime in China provides insight into Individual Income Tax (IIT). Vimala Devi at AGN Member Firm BSL in Singapore provides insight into new legislations, effective as of 1 Jan 2024, relating to the gains from the sale or disposal of a foreign asset.

A summary of each article follows. Download the publication for a comprehensive read.

China Government Extends Favorable Policies of IIT

The Chinese government has taken steps to ease the burden on taxpayers by issuing important announcements regarding various aspects, especially the Individual Income Tax (IIT) policies.

Singapore Enacts Section 10L on Taxation of Gains from the Sale of Foreign Assets

To align with European Union laws and comply with international standards the following section 10L of the Singapore Income Tax Act has been introduced that will become effective from 1 Jan 2024. It allows the taxation of foreign disposal gains that are received in Singapore in the absence of real economic activities.