by admin | Jun 19, 2018 | Income Tax, Tech News
Section 72 of the Singapore Income Tax states that assessments to income tax are made by the Comptroller of Income Tax. An assessment is normally made on the basis of the information provided by a taxpayer or its agent in the relevant return of income. If the...
by admin | Jun 13, 2018 | Accounting, Tech News
Lessee Accounting Treatment under FRS 17 The FRS 17 Leases must be complied with in accounting for leases. This standard includes the accounting requirement for operating and finance leases and other related agreements such as property leases and sale and leaseback...
by admin | Jun 11, 2018 | Goods and Services Tax, Tech News
In the past, a hardcopy notice of assessment must be given by the Comptroller of Income tax to the person who is liable to pay the tax. That person is to pay the amount assessed, unless he/she formally objects to the assessment. On 1 January 2011, in view of the wider...
by admin | Jun 7, 2018 | Income Tax, Tech News
On 3 November 2016, the Inland Revenue Authority of Singapore (IRAS) has introduced the requirement for certain corporate taxpayers to file a Form for Reporting Related Party Transactions (RPT). The RPT data will help the IRAS in: assessing companies’ transfer pricing...
by admin | Jun 3, 2018 | Goods and Services Tax, Tech News
On 31 May 2018, the Inland Revenue of Singapore (IRAS) has published a ‘Summary of Responses – Public Consultation on Draft e-Tax Guides on GST: Taxing imported services by way of reverse charge and GST: Taxing imported services by way of an overseas vendor...
by admin | Jun 3, 2018 | Auditing, Tech News
The Institute of Singapore Chartered Accountants (ISCA) has issued the new and revised auditor reporting standards in July 2015 that are effective for audits of financial statements for periods ended on or after 15 December 2016. In view of feedback received on...
