Tax Board Rules Property Gains Taxable as Income, Stresses Burden of Proof on Taxpayers
by admin | Jun 27, 2025 | Accounting, Auditing, Goods and Services Tax, Income Tax, Tech News
The Income Tax Board of Review’s landmark decision in GIO v Comptroller of Income Tax [2024] SGITBR 1 has clarified critical principles for taxing property disposal gains, rejecting arguments that real estate profits are inherently capital in nature. The ruling,...
IFRS Foundation Releases Implementation Guidance on Climate Transition Plan Disclosures
by admin | Jun 25, 2025 | Accounting, Income Tax, Tech News
The IFRS Foundation has published significant implementation guidance clarifying how entities should disclose information regarding climate transition plans under IFRS S2 Climate-related Disclosures. This guidance addresses a critical area for investors seeking...
ASC Withdraws Practice Statement 1 on Management Commentary
by admin | Jun 25, 2025 | Accounting, Auditing, Tech News
The Singapore Accounting Standards Committee (ASC) has formally withdrawn Practice Statement 1 (PS 1) "Management Commentary" from the Financial Reporting Standards (FRS) framework, effective immediately as of 24 June 2025. Key Details of the Withdrawal: Purpose of PS...
IRAS Issues Mandatory 2025 Employment Income Filing Notice to Employers
by admin | Jun 24, 2025 | Accounting, Employment, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has formally issued the annual Section 68(2) Notice to Employers for the Year of Assessment 2025. Published in the Government Gazette on 20 June 2025, this notice mandates all employers operating in Singapore, including...
IASB Overhauls Management Commentary Guidance for Global Reporting Alignment
by admin | Jun 24, 2025 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued a significant update to its Practice Statement on Management Commentary, marking a major step towards enhancing the clarity and comparability of narrative financial reporting worldwide. The revised...
Public Consultation on Proposed Finance (Income Taxes) Bill 2025 Targeting Budget Measures and Global Minimum Tax Rules
by admin | Jun 21, 2025 | Accounting, Income Tax, Tech News
The Ministry of Finance (MOF) has initiated a public consultation on the draft Finance (Income Taxes) Bill 2025, seeking stakeholder feedback on significant proposed amendments to Singapore's income tax framework. The consultation period runs from 18 June to 11 July...
IRAS Releases Year of Assessment 2026 Form IR8A and Appendices for Employer Reporting
by admin | Jun 19, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced the availability of the essential Year of Assessment (YA) 2026 employer reporting forms on its official website as of today. Employers are required to utilise these forms for reporting their employees'...
Tax Board Dismisses Appeal by Doctors in Corporate Restructuring Tax Case
by admin | Jun 15, 2025 | Accounting, Auditing, Employment, Income Tax, Tech News
The Singapore Income Tax Board of Review (the Board) has dismissed an appeal by three specialist doctors concerning the Comptroller of Income Tax’s recharacterisation of corporate profits as taxable individual income under anti-avoidance provisions. Case...
Free Solution Packages available for GST InvoiceNow Integration
by admin | Jun 14, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has mandated GST-registered businesses to adopt InvoiceNow, Singapore’s nationwide e-invoicing network developed by the Infocomm Media Development Authority (IMDA). Key Implementation Details: Phased Rollout: The GST...
Technical Webcasts on IFRS 18 Taxonomy Implementation
by admin | May 24, 2025 | Accounting, Tech News
The IFRS Foundation has launched a comprehensive two-part webcast series designed to guide stakeholders through the significant updates to the IFRS Accounting Taxonomy resulting from the introduction of IFRS 18 "Presentation and Disclosure in Financial Statements"....