The Inland Revenue Authority of Singapore has published guidance on the application procedures for an advance ruling in relation to the new economic substance requirement for the taxation of gains from the sale or disposal of foreign assets. From 1 January 2024, such gains may be taxed in Singapore unless an entity has adequate economic substance in Singapore. --- Economic Substance Requirement Income Tax Advance Ruling on Adequacy of Economic Substance The foreign-sourced disposal gains tax regime provided in section 10L of the Income Tax Act 1947 takes effect from 1 January 2024. Under the tax regime, certain gains from...