Matching AI Tools to the Task, Risk and Source Requirements
Artificial intelligence tools can support a wide range of accountancy activities, including drafting, summarisation, document review, research and client communication. However, no single AI model is suitable for every assignment, and outputs must be assessed against...
MAS Issues New Audit Guidelines for Payment Service Providers
The Monetary Authority of Singapore (MAS) has introduced new guidelines setting out its supervisory expectations for the annual audits of licensed payment service providers under the Payment Services Act 2019. The requirements will apply to audits for financial years...
GST in Property Transactions: Getting the Treatment Right
Property transactions can create significant GST exposure because errors in classification, timing or input tax recovery are often applied to high-value amounts. Developers, landlords, investors and advisers should address the GST position at the planning and...
IRAS Clarifies Treatment of Individual Related Parties and Directors’ Fees
The Inland Revenue Authority of Singapore (IRAS) has updated its transfer pricing guidance to clarify which persons may be treated as related parties and how certain payments should be considered when determining the value of transactions reported in the Related Party...
Singapore Expands CbCR Information Exchange to Greenland
The Inland Revenue Authority of Singapore (IRAS) has added Greenland to Singapore’s list of jurisdictions with an effective Country-by-Country Reporting (CbCR) exchange relationship. The relationship applies to financial years beginning on or after 1 May 2024. Impact...
The Agentic AI: From Assistants to Governed Digital Work Teams
Many organisations track active users, account numbers, weekly prompts and training attendance, but while these measures show that employees are using AI, they do not answer management’s central question: where is the business value? AI may help customer-service staff...
New Electronic Filing Rules for Precedent Partners from YA 2027
IRAS has confirmed that partnerships must submit Form P electronically from the Year of Assessment (YA) 2027. Partnerships with more than 10 partners will also be required to complete and upload the Partnership Allocation Template as part of the filing process. Key...
Reducing Compliance Risks in Related Party Transaction Reporting
Companies with significant related party dealings should ensure that their Related Party Transactions Form is completed accurately and submitted together with their corporate income tax return. The reporting requirement applies where the total value of related party...
Mandatory e-Filing of Form P for Partnerships from YA 2027
IRAS has confirmed that all partnerships must submit Form P electronically from the Year of Assessment (YA) 2027. Partnerships with more than 10 partners will also be required to complete and upload the Partnership Allocation Template when e-Filing. Tax and compliance...
IRAS Expands GST Guidance on Employee Fringe Benefits
IRAS has updated its guidance on the GST treatment of benefits supplied to employees, including accommodation, mobile phones, transport, meals, gifts, clothing and grooming-related items. The update provides more detailed, scenario-based explanations but does not...