Global E-Invoicing Mandates Accelerate: Singapore’s 5-Corner Model Offers Blueprint
Over 60 countries have mandated e-invoicing or digital tax reporting frameworks, with global adoption projected to near universality by 2030. This shift promises enhanced tax compliance, reduced administrative burdens, and real-time transaction visibility for...
ISSB Releases Implementation Guidance for Industry-Specific Sustainability Disclosures
The IFRS Foundation has published crucial educational guidance to assist companies in effectively applying the industry-specific materials underpinning the International Sustainability Standards Board (ISSB) Sustainability Disclosure Standards. This new guidance...
IFRS Foundation Launches Modular Learning Resources for Updated SME Standard
The IFRS Foundation has significantly enhanced its educational support for the IFRS for SMEs Accounting Standard by releasing dedicated learning modules structured around each section of the standard. These modules are currently undergoing updates to reflect the...
Singapore Extends Seller’s Stamp Duty Holding Period and Increases Rates Effective Immediately
The Ministry of Finance (MOF) announced significant changes to the Seller's Stamp Duty (SSD) regime for residential properties on 3 July 2025. The amendments took effect on or after 4 July 2025, 12:00am, aim to cool speculative activity in the residential market by...
IRAS Updates Key Employer Notification Forms IR21 and IR21A for Income Tax Compliance
The Inland Revenue Authority of Singapore (IRAS) has announced the release of updated versions of two critical employer notification forms, Form IR21 and Form IR21A, on its official website. This update, pertinent to employer income tax reporting obligations, provides...
ISSB Proposes Major Updates to SASB Standards and IFRS S2 Guidance to Enhance Global Sustainability Reporting
The International Sustainability Standards Board (ISSB) has published two pivotal draft proposals outlining significant revisions to the SASB Standards and consequential updates to the implementation guidance for IFRS S2 Climate-related Disclosures. This marks a...
GST Exemption List for Public Agency Supplies Updated Under New Legislation
Singapore’s list of non-taxable public agency supplies has been formally expanded under the Goods and Services Tax (Non-taxable Public Agency Supplies) (Amendment No. 2) Order 2025, effective 30 June and 1 July 2025. The amendment modifies the principal 2024 Order,...
IRAS Removes Approval Requirement for Gross Margin Scheme Effective 1 July 2025
In a move to streamline compliance for businesses, the Inland Revenue Authority of Singapore (IRAS) has eliminated the mandatory approval process for adopting the Gross Margin Scheme (GMS). This significant regulatory change took effect on 1 July 2025. Key Change:...
IRAS Extends GST Input Tax Claim Concession to Overseas Fringe Benefit Suppliers
The Inland Revenue Authority of Singapore (IRAS) has updated its administrative concession governing input tax claims on fringe benefits, specifically addressing scenarios involving overseas suppliers. The changes, effective 1 July 2025, are detailed in the revised...
IRAS Updates Tax Guidelines for S-REITs and S-REIT ETFs, Implements Budget 2025 Measures
The Inland Revenue Authority of Singapore (IRAS) has released significant updates to its e-Tax guides governing the income tax treatment of Real Estate Investment Trusts (REITs) and REIT Exchange-Traded Funds (ETFs), effective 30 June 2025. These updates incorporate...