by admin | Apr 9, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued a critical addendum exposure draft as a supplement to its 2022 Exposure Draft concerning the IFRS for SMEs Accounting Standard. This supplementary document, open for comment until 31 July 2024, introduces...
by admin | Apr 6, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its compliance guidance, outlining significant upcoming and ongoing areas of focus for taxpayers. Key priorities include heightened scrutiny on withholding tax compliance and persistent issues observed in...
by admin | Apr 5, 2024 | Accounting, Income Tax, Tech News
The Income Tax Board of Review (the Board) has dismissed a taxpayer’s appeal challenging the Comptroller of Income Tax’s assessment of gains from the sale of two properties as taxable income, ruling the taxpayer failed to demonstrate the assessments were...
by admin | Apr 4, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has clarified that income derived from the sale of solar-generated electricity by Real Estate Investment Trusts (REITs) does not qualify for tax transparency treatment under the Income Tax Act 1947. The determination was...
by admin | Apr 3, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has released an Advance Ruling Summary No. 4/2024 on 1 April 2024, addressing whether the transfer of properties between related entities constitutes a capital transaction or revenue-based disposal. The ruling outlines a...
