Expected Credit Loss under SFRS(I) 9: Practical Application and Common Pitfalls
The Expected credit loss (“ECL”) remains a key financial reporting area for Singapore entities applying SFRS(I) 9 Financial Instruments. Although the impairment model has been in place for several reporting cycles, practical application continues to require...
IRAS Provides Further Guidance on Foreign Tax Credit Claims
The Inland Revenue Authority of Singapore has clarified the conditions and supporting requirements for Singapore tax residents claiming Foreign Tax Credit on overseas income. The guidance is relevant to businesses and individuals seeking relief from double taxation...
SIP 2.0 Introduces Streamlined Restructuring and Winding-Up Routes for Smaller Companies
Key Development Singapore’s revamped Simplified Insolvency Programme 2.0 (“SIP 2.0”) provides eligible small companies with two simplified insolvency pathways: the Simplified Debt Restructuring Programme (“SDRP”) for viable businesses seeking to restructure debts, and...
Singapore and Tanzania Sign Double Tax Agreement
Singapore and Tanzania signed an Avoidance of Double Taxation Agreement on 9 June 2026. The agreement is intended to reduce the risk of income being taxed twice and to provide clearer tax treatment for businesses and individuals with cross-border activities between...
Growing Importance of Sustainability, AI and Professional Skills for Accountants
The role of the accountant is evolving rapidly as businesses respond to sustainability expectations, artificial intelligence, digital transformation and increasing demand for trusted professional judgement. Accounting firms and finance teams must ensure that their...
IRAS Notify of Mandatory GST InvoiceNow Implementation Timeline
The Inland Revenue Authority of Singapore has indicated that GST-registered businesses already on InvoiceNow before 2026 will receive notification of their compulsory GST InvoiceNow implementation date by mid-2026. Businesses that are already GST-registered may also...
Transfer Pricing Treatment of Share-Based Compensation
IRAS has updated its Transfer Pricing Guidelines to clarify how share-based compensation should be treated when determining cost bases and service income for transfer pricing purposes. The new guidance applies from Year of Assessment 2026 and is particularly relevant...
IRAS Issues Registration FAQ for Singapore Pillar Two Top-up Taxes
IRAS has released new guidance addressing registration requirements for multinational enterprise groups subject to Singapore’s Pillar Two top-up tax regime. The FAQ covers registration for the multinational enterprise top-up tax, domestic top-up tax, and related GloBE...
Singapore Global Minimum Tax — Compliance Readiness for MNE Groups
Singapore’s Global Minimum Tax framework is now a live compliance issue for in-scope multinational enterprise groups. With the Multinational Enterprise (Minimum Tax) Act 2024 taking effect for financial years beginning on or after 1 January 2025, affected groups...
IASB Issues IFRS 20 for Companies Subject to Rate Regulation
The International Accounting Standards Board has released IFRS 20, a new standard addressing financial reporting by entities operating under certain forms of rate regulation. The standard is effective for annual reporting periods beginning on or after 1 January 2029,...