The Inland Revenue Authority of Singapore updated its guidance on Taxable and Non-Taxable Income on 15 February 2022, with a new FAQ on the sale of carbon credits. This includes the following: Is income derived from the sale of carbon credits taxable? General income tax principles will apply to determine whether the income arising from the sale of carbon credits is taxable. This will depend on the facts and circumstances of each case. For a company trading in carbon credits, income arising from such trade will be regarded as revenue in nature. Where a company has purchased carbon credits for...