IRAS Clarifies on Enterprise Innovation Scheme (EIS) Eligibility and Claims
The Inland Revenue Authority of Singapore (IRAS) has released an updated set of Frequently Asked Questions (FAQs) pertaining to the Enterprise Innovation Scheme (EIS), providing critical guidance for businesses seeking to leverage the tax incentive. The revisions,...
The Land Intensification Allowance Expands to Cover Advanced DfMA Facilities
The Land Intensification Allowance (LIA) scheme for Singapore’s Built Environment sector will be expanded to include qualifying multi-storey Design for Manufacturing and Assembly (DfMA) facilities, effective from 1 January 2026 until 31 December 2030. The announcement...
IRAS Rules Contingent Founder Payments Capital in Nature
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Individual Income Tax) Summary No. 3/2025, clarifying the tax treatment of contingent consideration paid to founding shareholders as part of a company acquisition. The ruling determines...
Key Individual Tax Updates for Year of Assessment 2025
The Inland Revenue Authority of Singapore (IRAS) has clarified significant tax changes affecting individuals, including revised relief structures, stock-based remuneration rules, and guidelines for gig economy/hobby income. These updates, effective from Year of...
Tax Treatment for Singapore Employees Subscribing to Overseas Fund Shares
The Inland Revenue Authority of Singapore (IRAS) has issued a key Advance Ruling (Individual Income Tax) Summary No. 2/2025, clarifying the taxation of benefits received by Singapore-based employees subscribing to shares in an overseas fund operated by their foreign...
IRAS Rules Lump-Sum Earnout Settlement is Capital Receipt
The Inland Revenue Authority of Singapore (IRAS) has issued a significant Advance Ruling (Individual Income Tax) Summary No. 1/2025, clarifying the tax treatment of lump-sum settlements received by individuals upon the termination of earnout arrangements linked to...
ACAP Adoption Reaches 900 Active Participants
New data released by the Inland Revenue Authority of Singapore (IRAS) indicates sustained adoption and high retention rates for the Assisted Compliance Assurance Programme (ACAP). According to statistics published on the IRAS website on 1 April 2025: Cumulative...
Digital Filing for GST Appeals Takes Effect from 1 April 2025
Significant procedural changes for appealing Goods and Services Tax (GST) decisions to the Board of Review (the Board) took effect from 1 April 2025. are now in force. MOF has announced on amendments to the Goods and Services Tax (Appeals Procedure for Board of...
E-Filing for Income Tax Appeals from 1 April 2025
Significant procedural changes for filing appeals with the Income Tax Board of Review (ITBR) take effect from 1 April 2025. Amendments to the Income Tax (Appeals Procedure for Board of Review) Regulations 2023 now mandate electronic submission of the initial appeal...
Electronic Invoice Transmission Through InvoiceNow System
The Inland Revenue Authority of Singapore (IRAS) has formalised requirements for GST-registered businesses to adopt the nationwide InvoiceNow (Peppol) network for transmitting invoice data. On 7 March 2025, IRAS published the definitive e-Tax Guide "GST: Adopting GST...