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 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 | Apr 30, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced the commencement of cash payout disbursements under the Year of Assessment (YA) 2024 Enterprise Innovation Scheme (EIS) starting April 2024. Eligible businesses and individuals operating as sole...
