Landmark Ruling Clarifies Section 10L Economic Substance Requirements for Singapore SPVs
The Inland Revenue Authority of Singapore (IRAS) has issued a significant advance ruling concerning the application of economic substance requirements under Section 10L of the Income Tax Act 1947 to a special purpose vehicle (SPV) structure in Advance Ruling (Income...
IRAS Rules Promissory Note Endorsement Does Not Constitute Receipt of Foreign Interest in Singapore
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Income Tax) Summary No. 15/2025, clarifying that the endorsement of promissory notes to settle intercompany interest receivables does not trigger the "received in Singapore" requirement for...
Singapore Extends YA 2025 CIT Rebate Grant to “Active Companies” with Key Conditions
The Inland Revenue Authority of Singapore (IRAS) has confirmed an extension of the Year of Assessment (YA) 2025 Corporate Income Tax (CIT) Rebate cash grant, introducing a critical "active company" requirement tied to the grant's disbursement. To qualify for the...
IFRS Foundation Releases Near-Final Guidance on Reporting Uncertainties, Featuring Climate Examples
The IFRS Foundation has published a set of near-final examples designed to assist companies in providing clearer, more consistent disclosures about significant uncertainties within their financial statements. Leveraging climate-related scenarios for practical...
Global E-Invoicing Mandates Accelerate: Singapore’s 5-Corner Model Offers Blueprint
Over 60 countries have mandated e-invoicing or digital tax reporting frameworks, with global adoption projected to near universality by 2030. This shift promises enhanced tax compliance, reduced administrative burdens, and real-time transaction visibility for...
ISSB Releases Implementation Guidance for Industry-Specific Sustainability Disclosures
The IFRS Foundation has published crucial educational guidance to assist companies in effectively applying the industry-specific materials underpinning the International Sustainability Standards Board (ISSB) Sustainability Disclosure Standards. This new guidance...
IFRS Foundation Launches Modular Learning Resources for Updated SME Standard
The IFRS Foundation has significantly enhanced its educational support for the IFRS for SMEs Accounting Standard by releasing dedicated learning modules structured around each section of the standard. These modules are currently undergoing updates to reflect the...
Singapore Extends Seller’s Stamp Duty Holding Period and Increases Rates Effective Immediately
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
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
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...