The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax guide on the tax treatment of foreign exchange gains or losses for businesses. The guide summarizes the treatment as follows: Capital foreign exchange differences - Not taxable or deductible; Revenue foreign exchange differences - All exchange differences recognized in the profit and loss account are taxable or deductible, regardless of whether they are realized or unrealized, which: Applies automatically for banks since 2 November 1993; Applies automatically for non-banks since the Year of Assessment 2004, unless an option (irrevocable) was made in the Year of Assessment 2004 by...