Amendments to FRS 119 – Extension of Reduced Disclosure Standard to Small Entities
The Accounting Standards Committee (ASC), under the Accounting and Corporate Regulatory Authority (ACRA), has finalised significant amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures. The revised Standard, issued in August...
IRAS Clarifies GST Treatment on Supplier Rebates for Ancillary Services
The Inland Revenue Authority of Singapore (IRAS) has issued updated guidance clarifying that certain cash rebates received from suppliers are subject to GST. The authority asserts that such rebates are not mere discounts but constitute consideration for a separate...
IRAS Issues Material Clarification on Input Tax Claim Conditions
The Inland Revenue Authority of Singapore (IRAS) published significant updates on 2 September 2025 to its e-Tax guide, "Conditions for Claiming Input Tax." This release provides critical clarifications on the deductibility of Input GST for a range of common business...
Refundable Investment Credit Regulations Published
The Income Tax (Refundable Investment Credits) Regulations 2025 were formally gazetted on 1 September 2025 and are now in effect. This provides the critical operational and computational framework for the new Refundable Investment Credit (RIC) regime, as previously...
IRAS Publishes Detailed List of Approved Centres of Innovation for EIS Compliance
The Inland Revenue Authority of Singapore (IRAS) has released an updated and detailed directory of recognised Centres of Innovation (COIs). This list is critical for accountants and tax advisors assisting clients with compliance under the Enterprise Innovation Scheme...
IRAS Issues Advance Ruling on Section 13O Qualifying Investor Test in Multi-Tier Holding Structures
The Inland Revenue Authority of Singapore (IRAS) has published an advance ruling (Summary 17/2025) clarifying the application of the Qualifying Investor test under the Section 13O tax incentive scheme for a multi-tier, wholly Singaporean corporate structure. Case...
IRAS Issues Ruling on Treatment of Revaluation Gains in Liquidation Under Section 10L
The Inland Revenue Authority of Singapore (IRAS) has published an advance ruling clarifying that unrealized revaluation gains on overseas investment shares are not subject to tax under Section 10L of the Income Tax Act 1947 when distributed in specie during a...
IRAS Issues Advance Ruling on Capital Treatment for Business Segment Transfers
The Inland Revenue Authority of Singapore (IRAS) has issued an advance ruling (Summary No. 19/2025) clarifying the tax treatment of a specific intra-group business transfer. The ruling confirms that the transfer of two distinct business segments from a Singapore...
IRAS Issues Advance Ruling on QDS Exchange and Treatment of Cash Premiums
The Inland Revenue Authority of Singapore (IRAS) has published Advance Ruling Summary 20/2025, clarifying critical tax treatments for an exchange of Qualifying Debt Securities (QDS). The ruling provides essential guidance on the characterisation of cash premiums paid...
IASB Finalises Amendments to IFRS 19, Extending Disclosure Relief for Subsidiaries
In a significant update for private company reporting, the International Accounting Standards Board (IASB) has finalised its amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures. The move completes the board's planned "catch-up" work, ensuring...