Quote:
Originally Posted by dann
I have a day job and is looking forward to create a better life for my family. am starting to provide consultation services to an oversea company which will in turn pay me service fee/commission to my personal bank account in SG.
Will this income be taxable? Tried to lookup online and there is a directive "Tax Exemption for Foreign-Sourced Income" stating it is not taxable. somehow feels that it is not simple, maybe have to hit many criteria to be eligible?
Seeking advise from those who have experience this before.
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foreign sourced income such as dividends and property are tax exempt sg side because they are already taxed at domicile. i dun think iras is that stupid so easy can escape tax. also the overseas country unlikely just to let co. payout commissions to a foreign contract staff without repercussion.
if really that easy all the companies would have either setup a new shell co. or use an existing overseas subsidiary to simply pay employees in high tax jurisdictions to save on income tax. like above poster say, better to seek professional advice on such things. usually if not too complicated its maybe 1-3k only.