Any income arising from sources outside Singapore and received in Singapore on or after 1 Jan 2004 by an individual (other than partners of a partnership) is exempt from income tax.
For a person who is a tax resident and a partner of a partnership, any income derived on or before 21 Jan 2009 from any sources outside Singapore and received in Singapore during the period 22 Jan 2009 to 21 Jan 2010 is exempt from income tax.
The following Singapore-sourced income derived by any individual on or after 1 Jan 2004 will be exempt from income tax:
| i. |
any interest from debt securities; |
| ii. |
any discount from debt securities which mature within one year from the date of issue of those securities; |
| iii. |
any income from an annuity, except income from -
A. any annuity purchased by the employer of an individual in lieu of any pension or other benefit payable during his employment or upon his retirement; and
B. any annuity purchased under SRS; |
| iv. |
any income from any life insurance policy, except any sum realised under any insurance against loss of profits; |
| v. |
any distribution made by any collective investment scheme constituted as a unit trust (including real estate investment trust) authorised under section 286 of the Securities and Futures Act (Cap. 289), that is income or deemed to be income of the individual, except distributions made out of Singapore dividends from which tax is deducted or deductible under section 44; and |
| vi. |
any fee or compensatory payment from securities lending or repurchase arrangements. |