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...
by admin | Apr 3, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released an Advance Ruling Summary No. 2/2024, addressing a key question regarding the classification of an exchange fee paid during a note exchange transaction for income tax purposes. Ruling Summary: Entity: The...
by admin | Apr 2, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced a significant change to the Goods and Services Tax (GST) administrative concession applicable to trade-in transactions within the gold jewellery industry, effective 1 January 2025. Current Concession:...
