Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 261

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 261
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 is calculated and charged for income earned in the year preceding the year of assessment) if, in the year preceding the year of assessment, the individual resides in Singapore except for such temporary absences therefrom as may be reasonable and not inconsistent with a claim by such person to be resident in Singapore, and includes a person who is physically present in Singapore or exercised an employment (other than as a director of a company) in Singapore for 183 days or more during the year preceding the year of assessment, or if he resided in Singapore. Singapore income tax is generally payable upon the income of any person accruing in or derived from Singapore or received in Singapore from outside Singapore. With regard to an individual who is tax resident in Singapore, the individual will be subject to Singapore income tax at progressive rates which currently ranges from 0% to 24%. Further, all foreign -sourcedincome received in Singapore on or after January 1, 2004 by a Singapore tax resident individual (except for income received through a partnership in Singapore) is generally exempt from Singapore income tax if the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the individual. With regard to an individual who is not tax resident in Singapore, the individual will be subject to Singapore income tax at the current fixed rate of 24% for non -employmentrelated taxable income. Further, all foreign -sourcedincome received in Singapore by a non -Singaporetax resident individual is exempt from Singapore income tax. Corporate Income Tax A company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore. Generally, a company is considered a Singapore tax resident for a particular year of assessment if the control and management of its business was exercised in Singapore in the preceding calendar year. Corporate taxpayers that are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign -sourcedincome received or deemed to be received in Singapore. However, foreign -sourcedincome in the form of dividends, branch profits and service income received or deemed to be received in Singapore, by Singapore tax resident corporate taxpayers on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the following: (i)such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received; and (ii)at the time the income is received in Singapore, the highest rate of tax of a