by admin | Sep 10, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Singapore Parliament has taken a decisive step towards implementing the OECD/G20 global minimum tax regime with the first reading of the Multinational Enterprise (Minimum Tax) Bill (Bill No. 33/2024) on 9 September 2024. This pivotal legislation aims to transpose...
by admin | Sep 5, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) and Infocomm Media Development Authority (IMDA) have finalized a phased mandate for InvoiceNow, Singapore’s PEPPOL-based e-invoicing network. The move aims to digitize tax compliance and streamline business processes,...
by admin | Aug 22, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced several significant updates to its website, including the introduction of new case escalation forms, the expansion of its international exchange relationships, and revisions to key income tax and GST forms...
by admin | Aug 8, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Monetary Authority of Singapore (MAS) has introduced a mandatory requirement for screening reports to accompany all new applications for key tax incentives made by family office-managed fund vehicles, effective 1 October 2024. Key Details: New Mandatory...
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...
