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Singapore foreign derived income, taxability?

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  • Singapore foreign derived income, taxability?

    A company incorporated and tax resident in Singapore derived foreign rental income from renting out its UK property since 2003. To avoid taxation, the company has all along kept the foreign income offshore in a London bank. During the year 2008, the company’s wholly-owned subsidiary in Vietnam is cash strapped and the Singapore company decided to extend a loan to the Vietnam subsidiary. Instead of extending the funds from Singapore, the company arranged for the funds to be remitted directly from its UK bank account.

    Discuss whether the above result in any tax consequences.
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