The Inland Revenue Authority of Singapore recently issued guidance on alternate exemptions for foreign source income received in Singapore when such income does not meet the main exemption eligibility requirements. Singapore generally exempts foreign source dividends, branch profits and service income when received in Singapore when tax has been paid in the foreign jurisdiction, and the headline tax rate of the jurisdiction is at least 15%. Since 31 May 2006, foreign source income received in Singapore may also be exempt despite not meeting those main requirements in the following three main situations: The headline rate of the foreign jurisdiction is...