by admin | May 21, 2024 | Accounting, Employment, Income Tax, Tech News
The Income Tax Board of Review has dismissed an appeal by a medical practitioner (identified as GIP) against the Inland Revenue Authority of Singapore’s (IRAS) application of the general anti-avoidance provision (Section 33 of the Income Tax Act). The ruling...
by admin | May 17, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Singapore High Court and Income Tax Board of Review delivered two pivotal judgements in 2023 clarifying critical distinctions between capital/revenue receipts and plant/building classifications. These rulings carry significant implications for corporate...
by admin | May 11, 2024 | Accounting, Income Tax, Tech News
In a significant move to streamline financial reporting for smaller entities within corporate groups, the International Accounting Standards Board (IASB) has issued IFRS 19 Subsidiaries without Public Accountability: Disclosures. This new standard specifically targets...
by admin | May 10, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has published an Exposure Draft (ED) outlining narrow-scope amendments to address accounting challenges arising from renewable electricity contracts. The proposals target IFRS 9 Financial Instruments (and its...
by admin | May 9, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced a dedicated point of contact for taxpayer inquiries concerning the impending Global Anti-Base Erosion (GloBE) Rules and Singapore’s Domestic Top-up Tax (DTT). This follows recent updates to the GloBE...
by admin | May 7, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has significantly bolstered its guidance concerning the detection and enforcement of Missing Trader Fraud (MTF) schemes, identified as a major Goods and Services Tax (GST) compliance risk. New content, including a...
