Late Property Tax Appeal Denied
by admin | Nov 23, 2024 | Accounting, Property Tax, Tech News
In a ruling underscoring the strict application of statutory deadlines for property tax appeals, the Valuation Review Board (VRB) has refused to permit a late appeal filed by property owner Andreas Handayanto, dismissing his request for discretionary relief. Case...
Comprehensive Guide on CRS Tax Identification Number Requirements
by admin | Nov 22, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) today published the Common Reporting Standard Tax Identification Number Guide (CRS TIN Guide) on its official website. This new resource provides critical guidance for Singapore-based financial institutions subject to...
ISSB Releases Technical Guide on Identifying Material Sustainability Disclosures for Investors
by admin | Nov 21, 2024 | Accounting, Income Tax
The International Sustainability Standards Board (ISSB) has published a significant technical resource aimed at helping entities globally identify and disclose material sustainability-related financial information. The Guide on sustainability risks and material...
IRAS Finalises InvoiceNow Requirements for GST Businesses
by admin | Nov 20, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has published its responses to public feedback on the draft e-Tax Guide outlining the mandatory adoption of InvoiceNow for Goods and Services Tax (GST)-registered businesses. This release clarifies key operational and...
ASC Feedback on IFRS 19 Streamlining, Advocates Clarity on Key Disclosures
by admin | Nov 19, 2024 | Accounting, Income Tax, Tech News
The Singapore Accounting Standards Committee (ASC) has publicly responded to the International Accounting Standards Board's (IASB) July 2024 Exposure Draft proposing amendments to IFRS 19 'Subsidiaries without Public Accountability: Disclosures'. The ASC, operating...
ASC Endorses IASB Climate Disclosure Guidance, Calls for SME Adaptation
by admin | Nov 19, 2024 | Accounting, Income Tax, Tech News
The Singapore Accounting Standards Committee (ASC), operating under the Accounting and Corporate Regulatory Authority (ACRA), has formally responded to the International Accounting Standards Board's (IASB) proposed guidance on disclosing climate-related and other...
Second Reading of The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024
by admin | Nov 14, 2024 | Accounting, Income Tax, Tech News
The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024 (Bill 41/2024) cleared its second parliamentary reading on 11 November 2024, marking a significant step toward modernizing Singapore’s investment and tax relief framework under the...
Progress Report on ISSB Standard Adoption
by admin | Nov 14, 2024 | Accounting, Income Tax
Significant momentum is building behind the International Sustainability Standards Board (ISSB) Standards, with over 1,000 companies now referencing them in disclosures and 30 jurisdictions actively progressing towards embedding them within legal and regulatory...
IASB Proposes Amendments to IAS 37 for Clearer Provisions Accounting
by admin | Nov 13, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2024/5), Targeted Improvements to the Requirements for Provisions, Contingent Liabilities and Contingent Assets, initiating a consultation to enhance the recognition and...
Operational Transfer Pricing: Key to Mitigating Risk and Ensuring Financial Accuracy
by admin | Nov 8, 2024 | Accounting, Income Tax, Tech News
Group companies must prioritize Operational Transfer Pricing (OTP) to effectively implement transfer pricing (TP) policies, ensure financial statement accuracy, and withstand increasing global tax scrutiny, emphasized industry leaders at a recent Singapore Chartered...