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 14, 2024 | Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) is actively auditing and challenging “99-to-1” co-ownership arrangements used by residential property purchasers seeking to circumvent Additional Buyer’s Stamp Duty (ABSD) liabilities. This enforcement...
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...
by admin | May 3, 2024 | Accounting, Goods and Services Tax, Tech News
Significant amendments to Singapore’s Goods and Services Tax (GST) regime concerning supplies made by public agencies came into force following Presidential assent on 17 April 2024. The Goods and Services Tax (Amendment) Act 2024 (Act No. 14 of 2024) (the...
by admin | Apr 25, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued significant updates to its record-keeping requirements, notably mandating a 7-year retention period for documents supporting Enterprise Innovation Scheme (EIS) Cash Payout claims. The updates, published on 23...
by admin | Apr 18, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) and the Infocomm Media Development Authority (IMDA) have announced a phased mandate requiring all Goods and Services Tax (GST)-registered businesses to adopt the InvoiceNow network for transmitting e-invoice data to...
