Singapore Extends Seller’s Stamp Duty Holding Period and Increases Rates Effective Immediately
by admin | Jul 8, 2025 | Accounting, Property Tax, Tech News
The Ministry of Finance (MOF) announced significant changes to the Seller's Stamp Duty (SSD) regime for residential properties on 3 July 2025. The amendments took effect on or after 4 July 2025, 12:00am, aim to cool speculative activity in the residential market by...
IRAS Updates Key Employer Notification Forms IR21 and IR21A for Income Tax Compliance
by admin | Jul 7, 2025 | Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced the release of updated versions of two critical employer notification forms, Form IR21 and Form IR21A, on its official website. This update, pertinent to employer income tax reporting obligations, provides...
ISSB Proposes Major Updates to SASB Standards and IFRS S2 Guidance to Enhance Global Sustainability Reporting
by admin | Jul 5, 2025 | Accounting, Income Tax, Tech News
The International Sustainability Standards Board (ISSB) has published two pivotal draft proposals outlining significant revisions to the SASB Standards and consequential updates to the implementation guidance for IFRS S2 Climate-related Disclosures. This marks a...
GST Exemption List for Public Agency Supplies Updated Under New Legislation
by admin | Jul 4, 2025 | Accounting, Goods and Services Tax, Tech News
Singapore’s list of non-taxable public agency supplies has been formally expanded under the Goods and Services Tax (Non-taxable Public Agency Supplies) (Amendment No. 2) Order 2025, effective 30 June and 1 July 2025. The amendment modifies the principal 2024 Order,...
IRAS Removes Approval Requirement for Gross Margin Scheme Effective 1 July 2025
by admin | Jul 3, 2025 | Accounting, Goods and Services Tax, Tech News
In a move to streamline compliance for businesses, the Inland Revenue Authority of Singapore (IRAS) has eliminated the mandatory approval process for adopting the Gross Margin Scheme (GMS). This significant regulatory change took effect on 1 July 2025. Key Change:...
IRAS Extends GST Input Tax Claim Concession to Overseas Fringe Benefit Suppliers
by admin | Jul 3, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its administrative concession governing input tax claims on fringe benefits, specifically addressing scenarios involving overseas suppliers. The changes, effective 1 July 2025, are detailed in the revised...
IRAS Updates Tax Guidelines for S-REITs and S-REIT ETFs, Implements Budget 2025 Measures
by admin | Jul 2, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released significant updates to its e-Tax guides governing the income tax treatment of Real Estate Investment Trusts (REITs) and REIT Exchange-Traded Funds (ETFs), effective 30 June 2025. These updates incorporate...
New 2-Month GST Charging Grace Period for Prospectively Registered Businesses
by admin | Jul 2, 2025 | Accounting, Goods and Services Tax, Tech News
From 1 July 2025, businesses triggering Goods and Services Tax (GST) registration on a prospective basis will benefit from a 2-month grace period before commencing GST collection. This follows the official publication of the Goods and Services Tax Act 1993 (Amendment...
Singapore Confirms 2028 Start for Crypto Tax Data Exchange Under CARF
by admin | Jun 28, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has officially confirmed that the jurisdiction is expected to commence automatic exchanges of taxpayer information under the Crypto-Asset Reporting Framework (CARF) in 2028. This announcement provides a definitive...
IRAS Confirms to Begin Exchanges Under Amended CRS in 2028
by admin | Jun 28, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced that the implementation of exchanges under the Organisation for Economic Co-operation and Development's (OECD) amended Common Reporting Standard (CRS) is anticipated to commence in 2028. This timeline...