Taxability of gains arising from the disposal of an asset – the presence of “an intention to trade”Featured
May 29, 2017
It is trite that income tax in Singapore is only chargeable on gains of an income nature, and not on gains of a capital nature. The question in every case is whether a gain is income or capital in nature. The paramount factor in determining whether a gain is of a capital or revenue nature is the objectively-determined intention of the taxpayer (i.e. whether he has an intention to trade) at the time of acquisition of the asset.
Continue readingLeave a comment
