Registration and Enhanced Compliance for Corporate Service Providers
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
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
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
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
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
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
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
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...
ISSB Proposes Targeted Amendments to IFRS S2 to Simplify Climate Disclosure Compliance
The International Sustainability Standards Board (ISSB) has published an Exposure Draft outlining proposed amendments to IFRS S2 Climate-related Disclosures. The draft aims to reduce complexity and ease the application burden for companies implementing the global...
IRAS Rules on GST Treatment for International IP Transit Services
The Inland Revenue Authority of Singapore (IRAS) has issued a GST Advance Ruling Summary No. 1/2025, clarifying the Goods and Services Tax (GST) treatment for dedicated IP transit services supplied internationally by a Singapore-based Internet Service Provider (ISP)....