On or about 22 February 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of e-Tax Guide: Treatment of Public-Private Partnership Arrangements. It replaces the second edition which was published on 27 December 2013.
This e-Tax guide explains the approach the Comptroller of Income Tax (“CIT”) takes to establish the scope of services carried on by the private sector operator involved in a Public Private Partnership (“PPP”) project and provides details on the income tax treatment that would apply.
The e-Tax Guide has been updated to incorporate the following changes:
- Consequential amendments to paragraphs 6.2, 7.9 and 7.10 as a result of the replacement of FRS 11 and FRS 18 with FRS 115
- Consequential amendments to paragraphs 6.3 and 6.4 to include new financial reporting standards, namely FRS 116, SFRS(I) 1-17, SFRS(I) 16, and SFRS(I) INT 4.
- Consequential amendments to paragraphs 6.2, 6.3, 6.4, 7.9 and 7.10 to include new financial reporting standard, SFRS(I) INT 12
Source: IRAS, 22 February 2019