Ruling on Fund Manager’s Redemption Gains as Capital, Exempt from Income Tax
Singapore’s Inland Revenue Authority (IRAS) has issued an Advance Ruling Summary No. 2/2025, clarifing that gains realized by a fund manager from redeeming units in a feeder fund qualify as capital receipts and are not subject to income tax. Key Details of the Ruling...
2-Month Grace Period for Registered Business on prospective basis
Businesses required to register for Goods and Services Tax (GST) on a prospective basis will benefit from a newly announced 2-month grace period before mandatory GST charging commences. The measure, announced by the Second Minister for Finance on 28 February 2025,...
Ruling on Bank Business Transfer as Capital Transaction
Singapore's Inland Revenue Authority (IRAS) has issued a significant Advance Ruling Summary No. 3/2025, clarifying the tax treatment of a major banking sector restructuring. This ruling addresses the transfer of a Singapore bank's entire business as a going concern....
Tax Treatment of Perpetual Securities in Key Advance Ruling
The Inland Revenue Authority of Singapore (IRAS) has issued a significant Advance Ruling (Summary No. 1/2025) clarifying the income tax characterization of perpetual securities and the eligibility of associated distributions for specific tax concessions. Published on...
IRAS Secure First Convictions for False Information in Stamp Duty Audit
The Inland Revenue Authority of Singapore (IRAS) has secured its first criminal convictions under Section 65(2) of the Stamp Duties Act 1929 for the provision of false and misleading information during a stamp duty audit. Two individuals, a mother and son, were...
Tax Treatment for Fund Conversion to Passive Holding Company
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling Summary No. 4/2025, addressing critical tax implications for fund vehicles transitioning to passive investment holding structures. The ruling provides clarity for entities undergoing similar...
Tax Board Upholds Taxation of Gains in Loan Portfolio “Sale and Repurchase” Arrangement
In a significant ruling clarifying the tax treatment of complex debt transactions, the Singapore Income Tax Board of Review (the Board) has dismissed an appeal by debt-collecting agent GIQ against assessments levied by the Comptroller of Income Tax (CIT). The case,...
Major Overhaul of IFRS for SMEs Accounting Standard
The International Accounting Standards Board (IASB) has announced a significant update to the IFRS for SMEs Accounting Standard, a critical framework used by small and medium-sized entities (SMEs) in approximately 85 jurisdictions worldwide. This comprehensive update,...
Foreign Currency Conversion Calculator for Tax Reporting
The Inland Revenue Authority of Singapore (IRAS) has launched a dedicated online Foreign Currency Conversion Calculator to assist taxpayers and practitioners in determining exchange rates for income tax filing purposes. Key Features of the Tool: Data Source &...
Digital Appeals for GST Disputes from 1 April 2025
Significant procedural changes for appealing Goods and Services Tax (GST) decisions in Singapore will take effect on 1 April 2025. The newly published Goods and Services Tax (Appeals Procedure for Board of Review) (Amendment) Regulations 2025 amend the 2023...