What qualifies a company as a tax resident in Singapore?
A company will be a tax resident if the control and management of its business is located and exercised in Singapore. Thus, normally a foreign subsidiary would not be counted as a tax resident in Singapore. Being a tax resident in Singapore, the company would enjoy benefits, such as:
- Certain tax exemption on foreign-sourced dividends and service income
- Foreign branch profits upon meeting certain stipulated conditions
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