During the summer, the Singapore Ministry of Finance released a proposal calling for the imposition of tax on the receipt in Singapore of proceeds of gains arising from the sale or disposal of foreign assets. When effective in 2024, the proposal will align Singapore law to guidance on economic substance prepared by the E.U. C.O.C.G. Unless prescribed or excepted, the proposal applies to all companies and limited liability partnerships resident in Singapore. In his article, Sanjay Iyer, the founder of Silicon Advisers, based in Singapore, explains the workings of the tax, including (i) entities that are within scope, (ii) entities that are not within scope, (iii) the definition of foreign assets, (iv) the circumstances in which proceeds are considered to be received in Singapore, and (vi) the ability to use losses from the sale of foreign assets to reduce the amount of foreign gain that is taxed on remittance to Singapore.