{"id":956,"date":"2019-03-16T16:17:18","date_gmt":"2019-03-16T08:17:18","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=956"},"modified":"2019-04-08T07:25:08","modified_gmt":"2019-04-07T23:25:08","slug":"e-tax-guide-income-tax-treatment-of-foreign-exchange-gains-or-losses-for-businesses","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/03\/16\/e-tax-guide-income-tax-treatment-of-foreign-exchange-gains-or-losses-for-businesses\/","title":{"rendered":"IRAS e-Tax Guide: Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses"},"content":{"rendered":"\n<p>On or about 14 March 2019, the Inland Revenue Authority of\nSingapore (IRAS) has published the second edition of e-Tax Guide: Income Tax Treatment\nof Foreign Exchange Gains or Losses for Businesses. &nbsp;It replaces the first edition which was\npublished on 29 June 2012.<\/p>\n\n\n\n<p>This e-Tax Guide provides details on the tax treatment of\nforeign exchange gains or losses for businesses (banks and businesses other\nthan banks). This e-Tax Guide consolidates the two e-Tax guides issued\npreviously on the income tax treatment of foreign exchange gains or losses:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>\u201cTreatment of foreign exchange gains or losses for banks\u201d published on 2 Nov 1993; and<\/li><li>\u201cIncome Tax Treatment of Foreign Exchange Gains or Losses for Businesses\u201d published on 28 Nov 2003.<\/li><\/ol>\n\n\n\n<p>It would be relevant to businesses which have foreign\nexchange gains or losses.<\/p>\n\n\n\n<p>The e-Tax Guide has been updated to incorporate the\nfollowing changes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Update paragraph 6 on the introduction of Section 34AB of the SITA which provides for the legislative basis to accept the accounting treatment adopted by businesses for revenue foreign exchange differences.<\/li><li>Specify the exclusion from the default capital tax treatment for bank accounts (refer to paragraphs 7.2 and 7.3).<\/li><li>Clarify when a bank account will not be regarded as a designated bank account (refer to paragraph 7.4)<\/li><li>Clarify the administrative requirements for businesses which wish to claim the revenue tax treatment for designated bank accounts.<\/li><\/ul>\n\n\n\n<p>Source: <em>IRAS<\/em>, 14 March 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 14 March 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of e-Tax Guide: Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses. &nbsp;It replaces the first edition which was published on 29 June 2012. This e-Tax Guide provides details on the tax treatment of foreign [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6],"tags":[],"class_list":["post-956","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=956"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/956\/revisions"}],"predecessor-version":[{"id":966,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/956\/revisions\/966"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=956"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}