GST Exemption List for Public Agency Supplies Updated Under New Legislation
Singapore’s list of non-taxable public agency supplies has been formally expanded under the Goods and Services Tax (Non-taxable Public Agency Supplies) (Amendment No. 2) Order 2025, effective 30 June and 1 July 2025. The amendment modifies the principal 2024 Order,...
IRAS Removes Approval Requirement for Gross Margin Scheme Effective 1 July 2025
In a move to streamline compliance for businesses, the Inland Revenue Authority of Singapore (IRAS) has eliminated the mandatory approval process for adopting the Gross Margin Scheme (GMS). This significant regulatory change took effect on 1 July 2025. Key Change:...
IRAS Extends GST Input Tax Claim Concession to Overseas Fringe Benefit Suppliers
The Inland Revenue Authority of Singapore (IRAS) has updated its administrative concession governing input tax claims on fringe benefits, specifically addressing scenarios involving overseas suppliers. The changes, effective 1 July 2025, are detailed in the revised...
IRAS Updates Tax Guidelines for S-REITs and S-REIT ETFs, Implements Budget 2025 Measures
The Inland Revenue Authority of Singapore (IRAS) has released significant updates to its e-Tax guides governing the income tax treatment of Real Estate Investment Trusts (REITs) and REIT Exchange-Traded Funds (ETFs), effective 30 June 2025. These updates incorporate...
New 2-Month GST Charging Grace Period for Prospectively Registered Businesses
From 1 July 2025, businesses triggering Goods and Services Tax (GST) registration on a prospective basis will benefit from a 2-month grace period before commencing GST collection. This follows the official publication of the Goods and Services Tax Act 1993 (Amendment...
Singapore Confirms 2028 Start for Crypto Tax Data Exchange Under CARF
The Inland Revenue Authority of Singapore (IRAS) has officially confirmed that the jurisdiction is expected to commence automatic exchanges of taxpayer information under the Crypto-Asset Reporting Framework (CARF) in 2028. This announcement provides a definitive...
IRAS Confirms to Begin Exchanges Under Amended CRS in 2028
The Inland Revenue Authority of Singapore (IRAS) has announced that the implementation of exchanges under the Organisation for Economic Co-operation and Development's (OECD) amended Common Reporting Standard (CRS) is anticipated to commence in 2028. This timeline...
Tax Board Rules Property Gains Taxable as Income, Stresses Burden of Proof on Taxpayers
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
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
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...