ASC Feedback on IASB Proposal to Refine Equity Accounting Rules
by admin | Jan 21, 2025 | Accounting, Company Law, Income Tax, Tech News
The Accounting Standards Committee (ASC), operating under the Accounting and Corporate Regulatory Authority (ACRA), has publicly endorsed key aspects of the International Accounting Standards Board's (IASB) proposed update to equity method accounting. The feedback,...
ACRA Releases 2025 Edition of Singapore Financial Reporting Standards (SFRS(I)s)
by admin | Jan 17, 2025 | Accounting, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has formally issued the 2025 volume of the Singapore Financial Reporting Standards (International) [SFRS(I)s]. This edition is mandatory for annual reporting periods commencing on or after 1 January 2025. The...
Tax Reforms for 2025: BEPS 2.0, New Incentives, and Enhanced Deductions
by admin | Jan 16, 2025 | Accounting, Income Tax, Tech News
Singapore has ushered in significant tax changes effective 2025, implementing key aspects of the global BEPS 2.0 framework while introducing new domestic incentives and enhancing existing deductions. These reforms aim to maintain the nation's competitiveness amidst...
IFRS website Updates: SME Standards, Taxonomy Changes, and Sustainability Connectivity Focus
by admin | Jan 11, 2025 | Accounting, Income Tax, Tech News
The International Financial Reporting Standards (IFRS) Foundation has released significant updates across its digital platforms, impacting accounting professionals, standard-setters, and stakeholders globally. Key publications and announcements cover the IFRS for SMEs...
Timelines for Spontaneous Exchange of Tax Rulings Under BEPS Framework
by admin | Jan 3, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has revised the implementation schedule for the spontaneous exchange of information (EOI) on certain cross-border tax rulings, a key commitment under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project minimum...
2025 TP Indicative Margin for Related Party Loans
by admin | Jan 2, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced the indicative margin for related party loans applicable to transactions occurring during the 2025 calendar year (1 January 2025 to 31 December 2025). The published margin is +170 basis points (1.70%),...
ACRA Extends Penalty Waiver for Bizfile Users Amid Filing Challenges
by admin | Dec 31, 2024 | Accounting, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has announced continued support for Bizfile users experiencing system-related filing difficulties. In a 27 December 2024 update, the regulator confirmed: Late Penalty Waiver Extension: ACRA will maintain its...
Final Legislation and Guidance for Global Minimum Tax Implementation
by admin | Dec 31, 2024 | Accounting, Income Tax, Tech News
Singapore has taken a decisive step towards implementing the OECD/G20 global minimum tax framework with the official publication of the Multinational Enterprise (Minimum Tax) Act 2024 and its accompanying subsidiary legislation. Concurrently, the Inland Revenue...
FY2025 Budget Statement Delivery on 18 Feb 2025
by admin | Dec 28, 2024 | Accounting, Income Tax, Tech News
The Ministry of Finance (MOF) has officially announced the delivery date for Singapore's highly anticipated Fiscal Year 2025 (FY2025) Budget Statement. Prime Minister and Minister for Finance, Mr. Lawrence Wong, will present the FY2025 Budget Statement to Parliament...
GST Treatment for Bunker Tanker Leases
by admin | Dec 24, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued updated guidance on the Goods and Services Tax (GST) treatment applicable to leases of bunker tankers, a critical consideration for maritime and bunkering service providers. The clarification distinguishes...