The Inland Revenue Authority of Singapore (IRAS) has announced several significant updates to its website, including the introduction of new case escalation forms, the expansion of its international exchange relationships, and revisions to key income tax and GST forms and guides. These updates are effective immediately and impact corporate and individual taxpayers, tax practitioners, and businesses involved in international operations.
Key Updates:
- New Case Escalation Procedures: To streamline the resolution process for unresolved income tax queries, IRAS has introduced three dedicated escalation forms:
- Form: Case Escalation (Corporate Income Tax)
- Form: Case Escalation (Individual Income Tax – Individuals)
- Form: Case Escalation (Individual Income Tax – Self-employed and Partnerships)
These forms provide a formalized channel for taxpayers and their representatives to escalate complex or unresolved corporate or individual income tax matters.
- Expanded International Tax Cooperation (Country-by-Country Reporting): Ukraine has been formally added to Singapore’s list of jurisdictions with an active exchange relationship for the automatic exchange of Country-by-Country (CbC) Reports. Multinational Enterprise (MNE) Groups with operations in Singapore and Ukraine should ensure their CbC reporting obligations reflect this new exchange relationship.
- Updated Income Tax Forms and Guides:
- Form: Application for Claim of Disability Related Tax Reliefs: Revised to cover claims by employees, self-employed individuals, and non-resident individuals.
- Form: Details of Gains and Profits from Stock Options (Appendix 8B): Updated for gains and profits relating to the year ended 31 December 2024 (Year of Assessment 2025).
- Guide: Filing of Income Tax Computations in Functional Currencies other than Singapore Dollars: Revised guidance for entities permitted to file tax computations in functional currencies other than SGD.
- Updated GST Forms:
- Form: Application for Import GST Deferment Scheme (IGDS) GST F22: Revised application form for the scheme allowing approved businesses to defer import GST.
- Form: Application for Inclusion/Removal of Division to/from existing Divisional Registration/ Deregistration of Divisional Registration GST F12: Updated form for managing divisional GST registrations.
All new and updated forms, guides, and the latest list of exchange jurisdictions for CbC Reporting are available on the official IRAS website. Taxpayers, tax agents, and businesses are advised to review the latest versions relevant to their filing and compliance obligations.
Source: IRAS, 20 August 2024.