U.S. IRS Extends FATCA TIN Relief Through 2027
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
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
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
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
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
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
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
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...
Tax Treatment of Tender Premium in Debt Restructuring
The Inland Revenue Authority of Singapore (IRAS) has issued a significant Advance Ruling Summary No. 10/2024, clarifying the income tax treatment of "Tender Premium" paid during debt restructuring exercises. The ruling provides critical certainty for issuers and...
Ruling on Tender Fees Qualify as Early Redemption Fees Under QDS Scheme
In a significant clarification for debt markets, the Inland Revenue Authority of Singapore (IRAS) has issued an Advance Ruling Summary No. 9/2024, determining that specific fees paid during tender offers qualify for tax exemptions under the Qualifying Debt Securities...