Regulatory Spotlight Intensifies on Owner-Managed Business Tax Planning
The Inland Revenue Authority of Singapore (“IRAS”) has taken a closer look at arrangements under which high-income individuals provide services through private companies while receiving relatively low remuneration personally. IRAS has reportedly identified 279...
Withholding Tax Treatment of Technical and Management Service Fees
The Inland Revenue Authority of Singapore (IRAS) has expanded its guidance on payments to non-resident companies for technical and management services under sections 12(7)(b) and 12(7)(c) of the Income Tax Act 1947. The updated guidance explains how the place where...
IRAS Updates Explanatory Notes for the Foreign Income Tracking Schedule
The Inland Revenue Authority of Singapore (IRAS) has updated the explanatory notes for its Foreign Income Tracking Schedule to clarify the supporting-document retention obligations for companies. Records relating to foreign income must generally be kept for five years...
IRAS Advance Ruling Summaries on Foreign-Sourced Gains and Dividends
On 1 July 2026, the Inland Revenue Authority of Singapore (IRAS) updated its published summaries of income tax advance rulings by adding three new corporate tax-related summaries under the category covering matters other than individual income tax. The new summaries...
AI-Enabled for Manufacturing Sector: Accounting and Governance Implications
AI-enabled manufacturing is moving from conceptual discussion to practical deployment across production planning, predictive maintenance, quality assurance, robotics, inventory analytics and digital transformation. For businesses, this development is not only an...
FRS 118 — A New Era of Presentation and Disclosure in Financial Statements
FRS 118, Presentation and Disclosure in Financial Statements, will replace FRS 1 as the primary standard governing the presentation of financial statements. The new standard is aimed at improving comparability, transparency and the overall quality of financial...
Going Concern Audits in an Era of Geopolitical Uncertainty
Audit teams should expect going concern assessments to receive closer scrutiny where entities face liquidity pressure, refinancing risk, customer concentration, supply chain disruption, or reliance on shareholder and group support. In the current environment, going...
Growing Talent from Within: A Local Firm’s Commitment to Future-Ready Accountants
Small and medium-sized practices are entering a period where talent strategy is no longer only an internal human resources matter. It is now central to service quality, client resilience, and the long-term relevance of the profession. As small businesses increasingly...
Updates on Annual Return Filing, BizFile Enhancements and BizFin Preparation Tool
Key Development ACRA has provided important updates affecting Singapore companies, corporate service providers, directors, position holders and financial statement preparers. The updates cover annual return filing obligations, late filing penalties, upcoming changes...
IRAS: Change of Tax Reference Numbers for Estates/ Trusts/ Unit Trusts
The Inland Revenue Authority of Singapore will implement a new tax reference number format for Estates, Trusts and Unit Trusts from July 2026. The existing 10-character Income Tax Reference ID will be replaced by a 9-character ASGD ID in the format AXXXXXXXX. Key...