New Corporate Service Providers Act to Take Effect on 9 June 2025
Singapore’s Corporate Service Providers (CSP) Act will commence on 9 June 2025, introducing a mandatory registration regime for businesses that provide corporate and designated accounting-related services. All existing service providers operating within scope must...
Capital Reduction Funded by Unremitted Foreign-Sourced Income – Section 10(25)
The Inland Revenue Authority of Singapore (IRAS) has issued Advance Ruling (Income Tax) Summary No. 23/2025, addressing whether a company’s utilisation of unremitted foreign-sourced income (FSI) to fund a share capital reduction falls within the scope of section...
Characterisation of Tender Fees as Early Redemption Fee or Redemption Premium
The Inland Revenue Authority of Singapore (IRAS) has issued an advance ruling addressing the income tax treatment of amounts paid by an issuer in connection with an early tender offer for its outstanding Notes, which qualify as debt securities for Singapore tax...
Classification of Subordinated Perpetual Securities as “Debt Securities”
The Inland Revenue Authority of Singapore (IRAS) has issued Advance Ruling (Income Tax) Summary No. 21/2025, addressing the tax classification of subordinated perpetual securities issued by a Singapore-incorporated company. The ruling examines whether such instruments...
IRAS Revises Clarifications on the Common Reporting Standard (CRS)
The Inland Revenue Authority of Singapore (IRAS) released updates on 31 October 2025 to its e-Tax Guide “Common Reporting Standard (CRS)”, together with amendments to relevant FAQs. The revisions refine the interpretation of CRS rules and align Singapore’s...
IRAS Revises e-Tax Guide on Input Tax Attribution
The Inland Revenue Authority of Singapore (IRAS) has updated the e-Tax Guide “GST: Guide on Attribution of Input Tax” as of 31 October 2025, introducing refinements intended to enhance clarity around the GST treatment of general overheads, office rental, and utilities...
GST Administrative Concessions on Used Uniforms, Protective Clothing & Fringe Benefits from OVR Vendors
The Inland Revenue Authority of Singapore (IRAS) has updated its administrative guidance on the GST treatment of fringe benefits, specifically in relation to used uniforms, protective clothing, work-related supplies, and input tax claims on overseas vendor (OVR)...
Guidance on Classification of Foreign Entities for Singapore Income Tax Purposes
On 30 October 2025, the Inland Revenue Authority of Singapore (IRAS) released long-awaited guidance clarifying the classification of foreign entities—including foreign partnerships and foreign limited liability companies (LLCs)—for Singapore income tax purposes. The...
Businesswoman Charged for Income Tax Evasion Involving False Expense Claims
A 27-year-old businesswoman engaged in product distribution and sales has been formally charged in court (24 October 2025) for filing false individual income tax returns for YA 2021 and YA 2022 and submitting falsified supporting documents to the Comptroller of Income...
GST Administrative Concessions for ASK and GST F7 Filings
IRAS has announced amendments to several existing administrative concessions under the Assisted Self-Help Kit (ASK) and introduced a new concession, alongside updates to scenarios where filing of GST F7 (Disclosure of Errors Form) is no longer required. These changes...