High Court Clarifies Capital Allowance Classifications in Landmark Changi Airport Tax Ruling
by admin | May 23, 2025 | Accounting, Auditing, Goods and Services Tax, Income Tax, Tech News
Singapore High Court’s pivotal decision in Changi Airport Group (Singapore) Pte Ltd v Comptroller of Income Tax [2024] SGHC 281 ("CAG") has established critical distinctions for capital allowance claims under the Income Tax Act (ITA), reshaping asset classification...
Reminder on ASC Consultation Regarding Extension of FRS 119 to Eligible Small Entities
by admin | May 23, 2025 | Accounting, Tech News
The Accounting Standards Committee (ASC), under the Accounting and Corporate Regulatory Authority (ACRA), has issued a reminder to stakeholders to provide feedback on the proposal to make FRS 119 Subsidiaries without Public Accountability: Disclosures available to...
Registration and Enhanced Compliance for Corporate Service Providers
by admin | May 16, 2025 | Accounting, Auditing, Company Law, Income Tax, Tech News
Significant regulatory changes are imminent for Corporate Service Providers (CSPs) operating in Singapore. Effective 9 June 2025, the newly enacted Corporate Service Providers Act (CSP Act) imposes mandatory registration and stringent compliance obligations on all...
Updates of Going Concern Educational Material for IFRS 18 Alignment
by admin | May 15, 2025 | Accounting, Auditing, Tech News
The IFRS Foundation has released a significant revision to its educational material supporting the application of going concern requirements under IFRS Standards. This update ensures the guidance reflects the latest developments, most notably the introduction of IFRS...
GST Input Tax Claims: Home-Based Businesses Cannot Claim Housing Expenses
by admin | May 14, 2025 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued a reminder to Goods and Services Tax (GST)-registered businesses regarding common errors identified during its audit programme, particularly targeting entities with low-value GST refund claims. A key...
Tax Board Rules Redemption Loss on Preference Shares Not Derivative Trading Loss
by admin | May 10, 2025 | Accounting, Income Tax, Tech News
In a significant ruling for financial sector incentive (FSI) companies, the Singapore Income Tax Board of Review (the Board) has determined that losses incurred on the redemption of redeemable preference shares (RPS) do not constitute losses derived from "trading in...
E-Filing for YA 2025 Tax Returns; EIS Cash Payout Applications Open
by admin | May 8, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has activated its e-filing services for corporate Income Tax Returns for the Year of Assessment (YA) 2025. Taxpayers can now electronically submit Form C, Form C-S, and Form C-S (Lite) for YA 2025 via the myTax Portal....
IRAS Launches Corporate Tax Status Check via Chatbot
by admin | May 7, 2025 | Accounting, Auditing, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has enhanced its digital services with a new chatbot function allowing companies and tax agents to instantly check corporate income tax filing and assessment statuses. Integrated into the existing "Chat with IRAS" bot...
IRAS Rules Novation of Agreements in Group Restructuring as Capital, Non-Taxable Transaction
by admin | May 3, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Income Tax) Summary No. 6/2025 confirming that the novation of specific trading agreements from one group company to another, undertaken to comply with a regulatory directive prior to a...
IRAS Rules Foreign Company Lacks Taxable Presence in Singapore Despite Local Operations
by admin | May 2, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Income Tax) Summary No. 5/2025, clarifying that a foreign company does not establish a taxable presence (permanent establishment) in Singapore through specific operational arrangements with...