IRAS Publishes Detailed List of Approved Centres of Innovation for EIS Compliance
The Inland Revenue Authority of Singapore (IRAS) has released an updated and detailed directory of recognised Centres of Innovation (COIs). This list is critical for accountants and tax advisors assisting clients with compliance under the Enterprise Innovation Scheme...
IRAS Issues Advance Ruling on Section 13O Qualifying Investor Test in Multi-Tier Holding Structures
The Inland Revenue Authority of Singapore (IRAS) has published an advance ruling (Summary 17/2025) clarifying the application of the Qualifying Investor test under the Section 13O tax incentive scheme for a multi-tier, wholly Singaporean corporate structure. Case...
IRAS Issues Ruling on Treatment of Revaluation Gains in Liquidation Under Section 10L
The Inland Revenue Authority of Singapore (IRAS) has published an advance ruling clarifying that unrealized revaluation gains on overseas investment shares are not subject to tax under Section 10L of the Income Tax Act 1947 when distributed in specie during a...
IRAS Issues Advance Ruling on Capital Treatment for Business Segment Transfers
The Inland Revenue Authority of Singapore (IRAS) has issued an advance ruling (Summary No. 19/2025) clarifying the tax treatment of a specific intra-group business transfer. The ruling confirms that the transfer of two distinct business segments from a Singapore...
IRAS Issues Advance Ruling on QDS Exchange and Treatment of Cash Premiums
The Inland Revenue Authority of Singapore (IRAS) has published Advance Ruling Summary 20/2025, clarifying critical tax treatments for an exchange of Qualifying Debt Securities (QDS). The ruling provides essential guidance on the characterisation of cash premiums paid...
IASB Finalises Amendments to IFRS 19, Extending Disclosure Relief for Subsidiaries
In a significant update for private company reporting, the International Accounting Standards Board (IASB) has finalised its amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures. The move completes the board's planned "catch-up" work, ensuring...
Updates to GST Filing Procedures: Shorter Windows for Express Rulings and Extended Return Requests
In a recent update to its e-Tax guides, the Inland Revenue Authority of Singapore (IRAS) has implemented two significant changes to the Goods and Services Tax (GST) administration process, affecting the deadlines for express advance ruling applications and requests...
IRAS Updates GST F7 Calculator and Clarifies Key “Net GST Amount” Definition
In a move to enhance clarity and compliance for businesses, the Inland Revenue Authority of Singapore (IRAS) has released an updated version of its official GST F7 Calculator and issued a critical clarification on the term "net GST amount in error." The update,...
Singapore’s Minimum Tax Legislation Gains OECD Transitional Qualified Status
In a significant development for multinational enterprises (MNEs) operating in the region, Singapore’s landmark minimum tax legislation has been granted transitional qualified status by the Organisation for Economic Co-operation and Development (OECD). The OECD...
Tax Professionals on High Alert as Cyber Scam Losses Soar
The accounting and tax sector is facing unprecedented cyber threats, with new data revealing that scam victims in Singapore suffered losses of a staggering S$1.1 billion in 2024—a 70% year-on-year increase. This alarming statistic, from the Singapore Police Force’s...