Bills Committee on Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022
Supported the legislative proposal
The European Union (EU)’s requirements and how such requirements could be met upon the legislative amendment
Details of applying for an advance ruling on the adequacy test
Proof of tax payment in respect of a foreign-sourced income to qualify for tax credit
Definition of “pure equity-holding entity”
How the proposed FSIE regime could be implemented effectively and whether the Inland Revenue Department (“IRD”) had to increase its manpower for this purpose