Foreign Currency Conversion Calculator for Tax Reporting
by admin | Feb 28, 2025 | Accounting, Auditing, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has launched a dedicated online Foreign Currency Conversion Calculator to assist taxpayers and practitioners in determining exchange rates for income tax filing purposes. Key Features of the Tool: Data Source &...
Digital Appeals for GST Disputes from 1 April 2025
by admin | Feb 27, 2025 | Accounting, Goods and Services Tax, Tech News
Significant procedural changes for appealing Goods and Services Tax (GST) decisions in Singapore will take effect on 1 April 2025. The newly published Goods and Services Tax (Appeals Procedure for Board of Review) (Amendment) Regulations 2025 amend the 2023...
ACRA Resolves Critical Bizfile Hurdles for Annual Return Filings
by admin | Feb 27, 2025 | Accounting, Auditing, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has published a summary detailing the resolution of significant technical issues impacting the filing of Annual Returns via its BizFile+ platform. These fixes address widespread user frustrations encountered...
Multinational Enterprise (Minimum Tax) (Amendment) Regulations 2025
by admin | Feb 26, 2025 | Accounting, Income Tax, Tech News
Significant amendments to Singapore's Multinational Enterprise (Minimum Tax) Regulations 2024 came into force on 25 February 2025, following the publication of the Multinational Enterprise (Minimum Tax) (Amendment) Regulations 2025 in the Government Gazette. The...
E-Filing for Income Tax Appeals Takes Effect 1 April 2025
by admin | Feb 26, 2025 | Accounting, Income Tax, Tech News
Significant procedural changes for taxpayers appealing to the Income Tax Board of Review (ITBR) will come into force on April 1, 2025, following the publication of the Income Tax (Appeals Procedure for Board of Review) (Amendment) Regulations 2025 in the Government...
SGFIs Face CRS Registration Deadline for 2024 Activities
by admin | Feb 25, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued a critical deadline reminder for financial institutions regarding Common Reporting Standard (CRS) compliance. Entities that qualified as Reporting Singapore Financial Institutions (SGFIs) during the 2024...
Key IFRS & ISSB Updates Released Now Available
by admin | Feb 25, 2025 | Accounting, Income Tax, Tech News
The International Financial Reporting Standards Foundation (IFRS) has published significant updates across its digital platforms, featuring new technical resources, upcoming meeting details, and summaries of recent advisory discussions. These updates are critical for...
ACRA Extends Late Filing Penalty Waiver to 15 March 2025
by admin | Feb 24, 2025 | Accounting, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has formally announced an extension to its waiver of late filing penalties, now effective until 15 March 2025. This relief measure applies to entities with statutory filings originally due between 9 December...
Updates to ASK Administrative Concessions
by admin | Feb 20, 2025 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced revisions to the administrative concessions available under the Assisted Self-Help Kit (ASK) programme. The updates, effective immediately, aim to ensure the concessions remain current and directly address...
2025 Singapore Budget with Strategic Tax Reforms to Boost Innovation, Enterprise, and Green Transport
by admin | Feb 19, 2025 | Accounting, Income Tax, Tech News
Deputy Prime Minister and Finance Minister Lawrence Wong presented Singapore's 2025 Budget Statement yesterday, outlining a comprehensive package of tax measures designed to strengthen the nation's economic foundations. Key focus areas include enhancing technology and...