Update to SFRS for Small Entities Aligns Closer to Full FRS
The Accounting and Corporate Regulatory Authority (ACRA) has announced a significant update to the Singapore Financial Reporting Standard (SFRS) for Small Entities, marking its most substantial overhaul to date. The amendments, published on 18 August 2025, are a...
ASC Amends FRS 119 to Expand Access to Reduced Disclosure Regime
In a move designed to lower the compliance burden and promote cost-effective financial reporting, the Accounting Standards Council (ASC) has announced a significant amendment to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures. This...
2024/2025 IRAS GST Audit Cases
IRAS has completed over 2,800 GST audits across various industries for the 2024/2025 period, resulting in the recovery of $205 million in taxes and penalties. IRAS has published selected audit cases and details of its compliance programmes on its website. Key issues...
IRAS Rules Non-PEHE Meets Full Economic Substance Test for Foreign Gain Exemption
The Inland Revenue Authority of Singapore (IRAS) has issued Advance Ruling Summary No. 13/2025, confirming that a non-pure equity-holding entity (non-PEHE) satisfied Section 10L economic substance requirements. This qualifies it as an "excluded entity," exempting...
IRAS Rules Call Option Premium Qualifies as Tax-Exempt Redemption Premium under QDS Scheme
The Inland Revenue Authority of Singapore (IRAS) has issued a significant advance ruling clarifying the tax treatment of call option premiums paid upon the redemption of Qualifying Debt Securities (QDS). Key Ruling In Advance Ruling Summary No. 12/2025, IRAS...
IRAS Rules Long-Term Property Transfer Gains as Non-Taxable Capital Receipts
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Income Tax) Summary No. 16/2025 clarifying the tax treatment of gains arising from the intra-group transfer of long-held investment properties. The ruling addresses a specific case...
Landmark Ruling Clarifies Section 10L Economic Substance Requirements for Singapore SPVs
The Inland Revenue Authority of Singapore (IRAS) has issued a significant advance ruling concerning the application of economic substance requirements under Section 10L of the Income Tax Act 1947 to a special purpose vehicle (SPV) structure in Advance Ruling (Income...
IRAS Rules Promissory Note Endorsement Does Not Constitute Receipt of Foreign Interest in Singapore
The Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling (Income Tax) Summary No. 15/2025, clarifying that the endorsement of promissory notes to settle intercompany interest receivables does not trigger the "received in Singapore" requirement for...
Singapore Extends YA 2025 CIT Rebate Grant to “Active Companies” with Key Conditions
The Inland Revenue Authority of Singapore (IRAS) has confirmed an extension of the Year of Assessment (YA) 2025 Corporate Income Tax (CIT) Rebate cash grant, introducing a critical "active company" requirement tied to the grant's disbursement. To qualify for the...
IFRS Foundation Releases Near-Final Guidance on Reporting Uncertainties, Featuring Climate Examples
The IFRS Foundation has published a set of near-final examples designed to assist companies in providing clearer, more consistent disclosures about significant uncertainties within their financial statements. Leveraging climate-related scenarios for practical...