Singapore and Kenya Conclude New Double Taxation Agreement
by admin | Sep 25, 2024 | Accounting, Income Tax, Tech News
Singapore and Kenya have formally established a new bilateral tax framework with the signing of an Agreement for the Avoidance of Double Taxation and the Prevention of Tax Evasion with respect to Taxes on Income (DTA). The agreement was signed on September 23, 2024....
Singapore Finalizes ISSB-Aligned Climate Reporting Rules, Adjusts Scope 3 Timeline
by admin | Sep 25, 2024 | Accounting, Income Tax, Tech News
Singapore Exchange Regulation (SGX RegCo) has confirmed the integration of the IFRS Sustainability Disclosure Standards (ISSB Standards) into its mandatory climate reporting framework for listed issuers. The decision follows a public consultation revealing strong...
Singapore and Rwanda Amend Tax Treaty to Strengthen Anti-Abuse Provisions
by admin | Sep 24, 2024 | Accounting, Income Tax, Tech News
The Governments of Singapore and Rwanda have signed a significant protocol updating their existing bilateral tax agreement, aiming to enhance international tax cooperation and combat treaty abuse. Signed on 20 September 2024, the protocol amends the Agreement between...
Guidance on Determining Control and Management
by admin | Sep 19, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has published significant clarifications on the critical factors used to determine where the control and management of a business is exercised, a key determinant for corporate tax residency status under Section 13(1)(a)...
Key IFRS Website Updates to Equity Accounting Rules
by admin | Sep 14, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) will publish an Exposure Draft (ED) on the equity method of accounting under IAS 28 Investments in Associates and Joint Ventures, headlining a series of critical updates to the IFRS Foundation’s digital resources...
First Reading of Income Tax (Amendment) Bill 2024
by admin | Sep 10, 2024 | Accounting, Income Tax, Tech News
Significant proposed amendments to Singapore's core income tax legislation were introduced in Parliament on 9 September 2024. The Income Tax (Amendment) Bill 2024 (Bill No. 32/2024) received its first reading, setting the stage for changes stemming primarily from...
First Reading of Global Minimum Tax Framework in Parliament
by admin | Sep 10, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Singapore Parliament has taken a decisive step towards implementing the OECD/G20 global minimum tax regime with the first reading of the Multinational Enterprise (Minimum Tax) Bill (Bill No. 33/2024) on 9 September 2024. This pivotal legislation aims to transpose...
IFRS Foundation Publishes Key September 2024 Meeting Materials and Updates
by admin | Sep 7, 2024 | Accounting, Income Tax, Tech News
The IFRS Foundation has released significant updates to its digital resources, including critical materials for upcoming September meetings and recent technical publications. Accounting professionals, standard-setters, and financial reporters should note the following...
InvoiceNow E-Invoicing for GST-Registered Businesses: Timeline and Global Context
by admin | Sep 5, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) and Infocomm Media Development Authority (IMDA) have finalized a phased mandate for InvoiceNow, Singapore’s PEPPOL-based e-invoicing network. The move aims to digitize tax compliance and streamline business processes,...
MOF Responds to Public Feedback on draft Income Tax (Amendment) Bill 2024
by admin | Sep 3, 2024 | Accounting, Income Tax, Tech News
The Ministry of Finance (MOF) has published its detailed responses to feedback received during the public consultation on the draft Income Tax (Amendment) Bill 2024, conducted earlier this year. The responses address significant proposed changes to Singapore's tax...