Amendments on Fair Value Option for Associates and Joint Ventures
The Accounting Standards Committee (ASC) has issued amendments to SFRS(I) 1-28 and FRS 28 concerning the fair value option for investments in associates and joint ventures. The amendments clarify which entities may elect to measure qualifying investments at fair value...
Summary of Income Tax Advance Rulings on Property Gains and Foreign Trust Distributions
The Inland Revenue Authority of Singapore (IRAS) has released two new summaries of income tax advance rulings concerning the tax treatment of gains from property disposals and deferred distributions received from a foreign trust. The summaries provide further insight...
Updated Employment Income Reporting Forms for YA 2027
The Inland Revenue Authority of Singapore (IRAS) has revised Form IR8A, Appendix 8A and Appendix 8B for the Year of Assessment (YA) 2027. Employers should ensure that the updated forms and related reporting requirements are incorporated into their 2026 payroll...
YA 2026 Change Allows Wives to Claim Life Insurance Relief on Husbands’ Policies
From Year of Assessment (YA) 2026, Singapore’s Life Insurance Relief has been broadened so that a wife may claim relief for qualifying premiums she pays on her husband’s life insurance policy. The change removes the previous difference in treatment, under which...
YA 2026 Change to Spouse Relief for Legally Separated Couples
With effect from Year of Assessment (YA) 2026, Singapore’s Spouse Relief and Spouse Relief (Disability) rules have been broadened to include qualifying maintenance payments made by legally separated wives to their husbands. The change removes the previous gender-based...
Strengthening Cyber Hygiene with Government Support
Cybersecurity is no longer solely an information technology issue. A serious cyber incident can cause direct financial losses, disrupt operations, expose confidential information, trigger regulatory consequences and damage customer confidence. As businesses...
Congratulations to Mr Luar on Completing General AI Essentials 2026
Congratulations to Mr Luar on successfully passing the LexisNexis Protégé General AI Essentials Assessment on 23 July 2026 and earning his certification. The programme equipped participants with practical knowledge of different AI models, key ethical and risk...
Extension of ABSD Remission Timelines for Large En Bloc Redevelopment Projects
The Singapore Government has revised the Additional Buyer’s Stamp Duty (ABSD) remission framework for licensed housing developers undertaking large-scale en bloc redevelopment projects. For residential sites acquired on or after 29 July 2026, larger developments may...
IRAS Clarifies COR Eligibility for Foreign-Owned Investment Holding Companies
The Inland Revenue Authority of Singapore (IRAS) has clarified the circumstances in which a foreign-owned investment holding company may qualify for a Singapore Certificate of Residence {COR). The updated guidance places greater emphasis on demonstrating substantive...
GST Audit: 4 Key Areas Businesses Should Review Now
The Inland Revenue Authority of Singapore (IRAS) has highlighted four areas currently receiving increased attention in its GST audit programme: missing trader fraud arrangements, low-value GST refund claims, sales of non-residential properties and the under-reporting...