New Advance Ruling Summaries on Partnership Taxation, Hybrid Instruments and Economic Substance
Overview The Inland Revenue Authority of Singapore (IRAS) has released three new income tax advance ruling summaries addressing the tax treatment of foreign limited partnerships, the classification of hybrid financial instruments, and the economic substance...
IRAS Clarifies GST Import Relief and Declaration Requirements for Travellers
Overview The Inland Revenue Authority of Singapore (IRAS) updated its guidance on 2 November 2026 to clarify the categories of goods that do not qualify for GST import relief and the procedures travellers must follow when bringing goods into Singapore. The...
GST Input Tax Claims on Meals Provided to Employees Clarifies
The Inland Revenue Authority of Singapore (IRAS) updated its GST guidance on 29 October 2026 to clarify the treatment of meals provided to employees and other team members. Under the clarified guidance, such meals are classified as employee benefits rather than...
IRAS Updates Guidance on Multinational Enterprise Top-up Tax and Domestic Top-up Tax
Overview The Inland Revenue Authority of Singapore (IRAS) issued the third edition of its Multinational Enterprise Top-up Tax and Domestic Top-up Tax e-Tax Guide on 30 October 2026, incorporating developments in the OECD/G20 Pillar Two global minimum tax framework and...
GST Guidance on Invoicing, Credit Notes and Self-Billing Arrangements
The Inland Revenue Authority of Singapore (IRAS) updated its guidance on invoicing customers on 27 October 2026, providing further clarification on the issuance of billing documents, GST adjustments arising from credit notes and the requirements for self-billing...
GST Treatment of By-Law Fees and Repair Cost Recoveries by Management Corporations
The Inland Revenue Authority of Singapore (IRAS) published new frequently asked questions (FAQs) on 26 October 2026 clarifying the GST treatment of fees and repair cost recoveries collected by management corporations (MCs) from subsidiary proprietors. The guidance...
ISSB Consults on Proposed Nature-Related Sustainability Disclosures
The International Sustainability Standards Board (ISSB) has launched a public consultation on proposed guidance for reporting nature-related risks and opportunities, with comments invited until 19 February 2027. Drawing on the work of the Taskforce on Nature-related...
A Closer Look at the Definition of “Audit Team”: Implications for Independence and SSQM 1
For smaller Public Accounting Firms (PAFs), the definition of “audit team” under ISCA EP 100 deserves closer attention, particularly where the firm provides both financial statement preparation and audit services to the same client. The definition extends beyond...
Technology Is Reshaping Accounting — But Professional Judgement Remains at the Centre
Technology is changing how accounting firms operate, deliver services and manage professional work. The key challenge is no longer whether to adopt digital tools, but how to use them effectively while preserving professional judgement, accountability, security and...
Embedding AML & KYC into Client Onboarding: Practical Considerations
For accounting firms, effective AML and KYC compliance increasingly depends on how well the requirements are embedded into the ordinary client onboarding and engagement process. The main practical challenge is not simply collecting identification documents, but...