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 update concerns the introduction of a de-minimis limit with effect from year of assessment (YA) 2020 that allows businesses to treat foreign exchange differences on foreign currency bank accounts as revenue in nature when capital transactions are within the limit. In general, where foreign currency accounts are maintained by businesses for the purposes of their business operations, foreign exchange differences that may arise when the accounts are revalued in the functional currency are regarded...