Filing Relief for Bizfile Users Following Portal Launch Issues
by admin | Dec 23, 2024 | Accounting, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has announced immediate relief measures for businesses and corporate service providers experiencing technical difficulties with the newly launched BizFile+ portal. Background: The updated BizFile+ portal,...
IASB Updates Accounting Standards for Weather-Dependent Renewable Energy Contracts
by admin | Dec 20, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has finalized targeted amendments to International Financial Reporting Standards (IFRS) to enhance the transparency of financial reporting for companies using weather-dependent electricity contracts, commonly...
U.S. IRS Extends FATCA TIN Relief Through 2027
by admin | Dec 20, 2024 | Accounting, Income Tax, Tech News
The U.S. Internal Revenue Service (IRS) has expanded temporary compliance relief for financial institutions (FIs) struggling to obtain U.S. Taxpayer Identification Numbers (TINs) under the Foreign Account Tax Compliance Act (FATCA). Notice 2024-78, issued in October...
ACRA Temporarily Suspends BizFile Search After Privacy Backlash Over Full NRIC Display
by admin | Dec 17, 2024 | Accounting, Company Law, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has temporarily disabled its BizFile+ company registry search function following significant public concern over the unannounced display of full National Registration Identity Card (NRIC) numbers in search...
IFRS Foundation Releases Disclosure Tracker for IFRS 19
by admin | Dec 17, 2024 | Accounting, Tech News
The IFRS Foundation has published a specialized disclosure tracker to aid implementation of IFRS 19 'Subsidiaries without Public Accountability: Disclosures', effective for annual periods beginning on or after 1 January 2027. This new tool provides a structured...
Implementing OECD Crypto-Asset Reporting Framework by 2027 or 2028
by admin | Dec 13, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced its anticipated timeline for implementing the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF). Exchanges of tax-related information on crypto-assets...
IRAS Releases Implementation Resources on OECD’s Amended Common Reporting Standard
by admin | Dec 12, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has published key resources to implement the newly amended Common Reporting Standard (CRS), following the Organisation for Economic Co-operation and Development’s (OECD) first comprehensive review of the framework. The...
EIS Tax Benefits Still Claimable for Qualifying Costs on Expired Courses
by admin | Dec 11, 2024 | Accounting, Income Tax, Tech News
Businesses can continue claiming tax benefits under the Enterprise Innovation Scheme (EIS) for qualifying training costs incurred on expired EIS-eligible courses, provided expenses were paid before the course’s official support end date. The Inland Revenue Authority...
Key Aspects of Foreign Asset Tax Rules, Exempts Dividends in Kind from Section 10L
by admin | Dec 10, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued significant clarifications regarding the tax treatment of foreign asset disposals under Section 10L of the Income Tax Act 1947. The updates, detailed in newly added footnotes and FAQs within the IRAS e-Tax...
IRAS Expands CRS Reporting Requirements for Irrevocable Trusts
by admin | Dec 5, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued updated guidance on its website concerning the Common Reporting Standard (CRS), introducing significant clarifications for Reporting Singapore Financial Institutions (Reporting SGFIs), particularly regarding...