GST Administrative Concessions on Used Uniforms, Protective Clothing & Fringe Benefits from OVR Vendors
by admin | Nov 4, 2025 | Accounting, Employment, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its administrative guidance on the GST treatment of fringe benefits, specifically in relation to used uniforms, protective clothing, work-related supplies, and input tax claims on overseas vendor (OVR)...
Guidance on Classification of Foreign Entities for Singapore Income Tax Purposes
by admin | Oct 31, 2025 | Accounting, Company Law, Income Tax, Tech News
On 30 October 2025, the Inland Revenue Authority of Singapore (IRAS) released long-awaited guidance clarifying the classification of foreign entities—including foreign partnerships and foreign limited liability companies (LLCs)—for Singapore income tax purposes. The...
Businesswoman Charged for Income Tax Evasion Involving False Expense Claims
by admin | Oct 28, 2025 | Accounting, Employment, Income Tax, Tech News
A 27-year-old businesswoman engaged in product distribution and sales has been formally charged in court (24 October 2025) for filing false individual income tax returns for YA 2021 and YA 2022 and submitting falsified supporting documents to the Comptroller of Income...
GST Administrative Concessions for ASK and GST F7 Filings
by admin | Oct 24, 2025 | Accounting, Goods and Services Tax, Tech News
IRAS has announced amendments to several existing administrative concessions under the Assisted Self-Help Kit (ASK) and introduced a new concession, alongside updates to scenarios where filing of GST F7 (Disclosure of Errors Form) is no longer required. These changes...
IRAS Updates Deductible vs Non-Deductible Business Expense Examples
by admin | Oct 24, 2025 | Accounting, Employment, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its public guidance on deductible and non-deductible business expenses for corporate taxpayers. The new examples provide additional clarity for companies preparing their tax computations and assessing...
New Guidance on Reporting Obligations for Commission-Paying Organisations
by admin | Oct 22, 2025 | Accounting, Employment, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released a new e-Tax Guide, Submit Self-Employment Income by Commission-Paying Organisations, outlining expanded reporting obligations for entities that pay commissions to self-employed individuals. The guidance...
GST Recovery of Expenses – When Recovery Is Not Ancillary to a Primary Supply
by admin | Oct 21, 2025 | Accounting, Auditing, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released GST Essentials guidance series (Part 1) addressing the GST treatment on recovery of expenses—a recurring area of complexity for GST-registered businesses, particularly where expenses are recharged to...
Finance (Income Taxes) Bill Introduced in Parliament
by admin | Oct 17, 2025 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Finance (Income Taxes) Bill (No. 16/2025) was tabled for its first reading in Parliament on 14 October 2025. The Bill proposes amendments to three key statutes: Income Tax Act 1947 (ITA) Multinational Enterprise (Minimum Tax) Act 2024 (MMTA) Goods and Services Tax...
ASC Submits Comments on IFRS 16 Post-Implementation Review
by admin | Oct 14, 2025 | Accounting, Tech News
The Accounting Standards Committee (ASC) has formally submitted its comment letter to the International Accounting Standards Board (IASB) in response to the Request for Information: Post-implementation Review of IFRS 16 Leases. The submission was published on the ASC...
MOF Issues Responses to Public Consultation on Proposed Finance (Income Taxes) Bill 2025
by admin | Oct 11, 2025 | Accounting, Income Tax, Tech News
The Ministry of Finance (MOF) has released its formal responses to public feedback on the proposed Finance (Income Taxes) Bill 2025, addressing several key tax policy refinements. The consultation responses relate to provisions affecting corporate income tax...