by admin | Jul 24, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has concluded its Goods and Services Tax (GST) audit activities for the 2022/2023 period, recovering a significant $162 million in outstanding taxes and penalties. The extensive audit programme covered a wide range of...
by admin | Jun 12, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Ministry of Finance (MOF) has launched a public consultation seeking feedback on two significant tax bills: the draft Multinational Enterprise (Minimum Tax) Bill and the draft Income Tax (Amendment) Bill 2024. The consultation window runs from 10 June 2024 to 5...
by admin | Jun 12, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released a draft technical guide outlining the implementation requirements for mandatory electronic invoice transmission via the InvoiceNow network (GST InvoiceNow Requirement) and is inviting public feedback until...
by admin | Jun 8, 2024 | Accounting, Company Law, Goods and Services Tax, Income Tax, Tech News
Landmark tax cases from 2023 continue to reshape Singapore’s fiscal landscape, with two recent rulings clarifying critical issues for investment entities and trust structures. The decisions, analyzed at a Singapore Chartered Tax Professionals (SCTP) seminar, address...
by admin | Jun 4, 2024 | Accounting, Company Law, Goods and Services Tax, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has confirmed that Variable Capital Companies (VCCs) are eligible for the Corporate Income Tax (CIT) rebate measures announced in Budget 2024, provided they meet specific criteria. This update, alongside important...
by admin | May 31, 2024 | Accounting, Goods and Services Tax, Tech News
In a significant enforcement milestone, the Inland Revenue Authority of Singapore (IRAS) has secured the first conviction involving imprisonment under Section 64A of the Goods and Services Tax Act (GSTA) for the unauthorized collection of Goods and Services Tax (GST)....
