Singapore Publishes Updated E-Tax Guide on Foreign Exchange Gains/Losses Including De-Minimis Limit for Treating Foreign Currency Accounts as Revenue in Nature

The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax guide on the tax treatment of foreign exchange gains or losses for businesses. The update concerns the introduction of a de-minimis limit with effect from year of assessment (YA) 2020 that allows businesses to treat foreign exchange differences on foreign currency bank accounts as revenue in nature when capital tran…