On 31 March 2021, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Fourth Edition). The e-Tax Guide provides details on the tax treatment of foreign exchange gains or losses for businesses (banks and businesses other than banks). The guide summarizes the treatment as follows: Capital foreign exchange differences - Not taxable or deductible; Revenue foreign exchange differences - All exchange differences recognised in the profit and loss account are taxable or deductible, regardless of whether they are realised or unrealised, which: Applies automatically for banks...