Global gains, local claims: Navigating Section 10L of the
Income Tax Act
Income Tax Act
Effective 1 January 2024, gains from the disposal of foreign assets may be deemed taxable under the new Section 10L of the Income Tax Act (“Section 10L”) if, broadly, it is received or deemed received in Singapore, and the foreign asset is disposed by a covered entity without adequate economic substance in Singapore or if the foreign asset is a foreign intellectual property right (“IPR”).