The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide, Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Fifth 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 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...