New 2-Month GST Charging Grace Period for Prospectively Registered Businesses
From 1 July 2025, businesses triggering Goods and Services Tax (GST) registration on a prospective basis will benefit from a 2-month grace period before commencing GST collection. This follows the official publication of the Goods and Services Tax Act 1993 (Amendment...
Singapore Confirms 2028 Start for Crypto Tax Data Exchange Under CARF
The Inland Revenue Authority of Singapore (IRAS) has officially confirmed that the jurisdiction is expected to commence automatic exchanges of taxpayer information under the Crypto-Asset Reporting Framework (CARF) in 2028. This announcement provides a definitive...
IRAS Confirms to Begin Exchanges Under Amended CRS in 2028
The Inland Revenue Authority of Singapore (IRAS) has announced that the implementation of exchanges under the Organisation for Economic Co-operation and Development's (OECD) amended Common Reporting Standard (CRS) is anticipated to commence in 2028. This timeline...
Tax Board Rules Property Gains Taxable as Income, Stresses Burden of Proof on Taxpayers
The Income Tax Board of Review’s landmark decision in GIO v Comptroller of Income Tax [2024] SGITBR 1 has clarified critical principles for taxing property disposal gains, rejecting arguments that real estate profits are inherently capital in nature. The ruling,...
IFRS Foundation Releases Implementation Guidance on Climate Transition Plan Disclosures
The IFRS Foundation has published significant implementation guidance clarifying how entities should disclose information regarding climate transition plans under IFRS S2 Climate-related Disclosures. This guidance addresses a critical area for investors seeking...
ASC Withdraws Practice Statement 1 on Management Commentary
The Singapore Accounting Standards Committee (ASC) has formally withdrawn Practice Statement 1 (PS 1) "Management Commentary" from the Financial Reporting Standards (FRS) framework, effective immediately as of 24 June 2025. Key Details of the Withdrawal: Purpose of PS...
IRAS Issues Mandatory 2025 Employment Income Filing Notice to Employers
The Inland Revenue Authority of Singapore (IRAS) has formally issued the annual Section 68(2) Notice to Employers for the Year of Assessment 2025. Published in the Government Gazette on 20 June 2025, this notice mandates all employers operating in Singapore, including...
IASB Overhauls Management Commentary Guidance for Global Reporting Alignment
The International Accounting Standards Board (IASB) has issued a significant update to its Practice Statement on Management Commentary, marking a major step towards enhancing the clarity and comparability of narrative financial reporting worldwide. The revised...
Public Consultation on Proposed Finance (Income Taxes) Bill 2025 Targeting Budget Measures and Global Minimum Tax Rules
The Ministry of Finance (MOF) has initiated a public consultation on the draft Finance (Income Taxes) Bill 2025, seeking stakeholder feedback on significant proposed amendments to Singapore's income tax framework. The consultation period runs from 18 June to 11 July...
IRAS Releases Year of Assessment 2026 Form IR8A and Appendices for Employer Reporting
The Inland Revenue Authority of Singapore (IRAS) has announced the availability of the essential Year of Assessment (YA) 2026 employer reporting forms on its official website as of today. Employers are required to utilise these forms for reporting their employees'...