Revisit to CSP Act: Key Compliance and Operational Implications
Singapore’s Corporate Service Providers Act 2024 and its subsidiary legislation took effect on 9 June 2025, replacing the previous registered filing agent framework with a broader regulatory regime. The legislation extends registration and anti-money laundering...
IASB Proposes Digital Reporting Taxonomy Updates 2025
The International Accounting Standards Board (IASB) has proposed amendments to the IFRS Accounting Taxonomy 2025. The changes are intended to support structured digital reporting under IFRS 20, recent amendments to IAS 21 and the revised disclosure requirements in...
Singapore Pillar Two: Post-Registration Compliance Moves into the Implementation Phase
Singapore’s Multinational Enterprise Top-up Tax and Domestic Top-up Tax apply for financial years beginning on or after 1 January 2025. For affected multinational groups, the immediate priority is no longer registration alone, but the establishment of a reliable...
Agentic AI: Financial Reporting, Control and Governance Considerations
The development of agentic artificial intelligence is expanding the role of AI from generating content and analysis to initiating transactions, accessing multiple systems and completing multi-step business processes. For finance functions, this creates opportunities...
Regulatory Spotlight Intensifies on Owner-Managed Business Tax Planning
The Inland Revenue Authority of Singapore (“IRAS”) has taken a closer look at arrangements under which high-income individuals provide services through private companies while receiving relatively low remuneration personally. IRAS has reportedly identified 279...
Withholding Tax Treatment of Technical and Management Service Fees
The Inland Revenue Authority of Singapore (IRAS) has expanded its guidance on payments to non-resident companies for technical and management services under sections 12(7)(b) and 12(7)(c) of the Income Tax Act 1947. The updated guidance explains how the place where...
IRAS Updates Explanatory Notes for the Foreign Income Tracking Schedule
The Inland Revenue Authority of Singapore (IRAS) has updated the explanatory notes for its Foreign Income Tracking Schedule to clarify the supporting-document retention obligations for companies. Records relating to foreign income must generally be kept for five years...
IRAS Advance Ruling Summaries on Foreign-Sourced Gains and Dividends
On 1 July 2026, the Inland Revenue Authority of Singapore (IRAS) updated its published summaries of income tax advance rulings by adding three new corporate tax-related summaries under the category covering matters other than individual income tax. The new summaries...
AI-Enabled for Manufacturing Sector: Accounting and Governance Implications
AI-enabled manufacturing is moving from conceptual discussion to practical deployment across production planning, predictive maintenance, quality assurance, robotics, inventory analytics and digital transformation. For businesses, this development is not only an...
FRS 118 — A New Era of Presentation and Disclosure in Financial Statements
FRS 118, Presentation and Disclosure in Financial Statements, will replace FRS 1 as the primary standard governing the presentation of financial statements. The new standard is aimed at improving comparability, transparency and the overall quality of financial...