The Inland Revenue Authority of Singapore (IRAS) recently published an updated e-Tax Guide, Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition). The e-Tax Guide explains the new income tax treatment of gains or losses from the sale or disposal of movable or immovable property situated outside Singapore (referred to as "foreign assets") from 1 January 2024. As previously reported, Singapore amended its foreign-sourced income regime with effect from 1 January 2024 to subject foreign-sourced disposal gains to tax under specific circumstances. The new rules are meant to address international tax avoidance risks...