GST Output Tax on Gifts – Accounting for Open Market Value
by admin | Nov 13, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the GST treatment of business gifts, introducing a new example that clarifies how output tax should be accounted for when the open market value (OMV) of the gift exceeds its cost. Key Update...
Amendments to SFRS(I) 19 and FRS 119 Issued by ASC
by admin | Nov 12, 2025 | Accounting, Auditing, Tech News
The Accounting Standards Committee (ASC) has released Amendments to SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures and Amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures.These amendments are effective...
Expanded FAQs on GST InvoiceNow Requirement — Operational and Compliance Impacts for Businesses
by admin | Nov 8, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) issued an updated set of Frequently Asked Questions (FAQs) on 16 October 2025 relating to the GST InvoiceNow Requirement, incorporating a significant number of new clarifications. These updates reflect IRAS’...
Finance (Income Taxes) Bill Passed at Second Reading on 6 November 2025
by admin | Nov 8, 2025 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Finance (Income Taxes) Bill 2025 (Bill No. 16/2025) was passed at its second reading in the Singapore Parliament on 6 November 2025. The Bill introduces targeted amendments to three key tax legislations: Income Tax Act 1947 (ITA) Multinational Enterprise (Minimum...
New Corporate Service Providers Act to Take Effect on 9 June 2025
by admin | Nov 5, 2025 | Accounting, Company Law, Ethics, Tech News
Singapore’s Corporate Service Providers (CSP) Act will commence on 9 June 2025, introducing a mandatory registration regime for businesses that provide corporate and designated accounting-related services. All existing service providers operating within scope must...
Capital Reduction Funded by Unremitted Foreign-Sourced Income – Section 10(25)
by admin | Nov 5, 2025 | Accounting, Company Law, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued Advance Ruling (Income Tax) Summary No. 23/2025, addressing whether a company’s utilisation of unremitted foreign-sourced income (FSI) to fund a share capital reduction falls within the scope of section...
Characterisation of Tender Fees as Early Redemption Fee or Redemption Premium
by admin | Nov 5, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued an advance ruling addressing the income tax treatment of amounts paid by an issuer in connection with an early tender offer for its outstanding Notes, which qualify as debt securities for Singapore tax...
Classification of Subordinated Perpetual Securities as “Debt Securities”
by admin | Nov 5, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued Advance Ruling (Income Tax) Summary No. 21/2025, addressing the tax classification of subordinated perpetual securities issued by a Singapore-incorporated company. The ruling examines whether such instruments...
IRAS Revises Clarifications on the Common Reporting Standard (CRS)
by admin | Nov 4, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) released updates on 31 October 2025 to its e-Tax Guide “Common Reporting Standard (CRS)”, together with amendments to relevant FAQs. The revisions refine the interpretation of CRS rules and align Singapore’s...
IRAS Revises e-Tax Guide on Input Tax Attribution
by admin | Nov 4, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated the e-Tax Guide “GST: Guide on Attribution of Input Tax” as of 31 October 2025, introducing refinements intended to enhance clarity around the GST treatment of general overheads, office rental, and utilities...