Foreign Asset Disposal Gains Now Taxable Under Section 10L
by admin | Jul 11, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has implemented a pivotal shift in its foreign-sourced income regime, mandating taxation on gains from overseas asset disposals under specific conditions. The new Section 10L of the Income Tax Act 1947 (ITA), effective 1...
Disclosure of Regulatory Outcomes for Accounting Professionals
by admin | Jul 10, 2024 | Accounting, Auditing, Income Tax, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has formalized disclosure requirements for public accountants and accounting firms concerning specific regulatory actions. Practice Direction No. 1 of 2024, issued on 9 July 2024, establishes a clear policy...
IASB Confirms IFRS 9 Impairment Effective, Plans Targeted Improvements
by admin | Jul 6, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) announced the completion of its Post-implementation Review (PIR) concerning the impairment requirements within IFRS 9 / SFRS(I) 9 Financial Instruments. The review assessed whether the practical application of these...
IRAS Launches YA 2024 Corporate Tax E-Filing; Sets EIS Payout Application Process
by admin | Jul 2, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) today announced the commencement of electronic filing services for corporate income tax returns for the Year of Assessment (YA) 2024. Businesses can now submit Form C, Form C-S, and Form C-S (Lite) via the myTax Portal...
2024 Singapore NRA Report Highlights Critical Tax Evasion Threats
by admin | Jun 26, 2024 | Accounting, Auditing, Company Law, Ethics, Income Tax, Tech News
The Singapore government has released its comprehensive Money Laundering National Risk Assessment (NRA) Report 2024, offering a detailed analysis of current and emerging money laundering (ML) threats and vulnerabilities across the nation's financial and business...
Global Sustainability Board Launches Initiative to Harmonize Corporate Climate Transition Disclosures
by admin | Jun 26, 2024 | Accounting, Income Tax, Tech News
The International Sustainability Standards Board (ISSB) is taking significant steps to standardize how companies worldwide disclose their strategies for transitioning to a lower-carbon economy. This initiative aims to combat market fragmentation and enhance the...
2024 Employment Income Reporting via Section 68(2) Notice
by admin | Jun 26, 2024 | Accounting, Employment, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has formally issued the annual Section 68(2) Notice to Employers for the year 2024. Published in the Government Gazette on 21 June 2024, the notice mandates all employers operating in Singapore, including non-resident...
IRAS Issues Updated Guidance on FATCA, CRS Compliance Obligations for Account Holders
by admin | Jun 26, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has published updated guidance clarifying the responsibilities of financial account holders under international tax compliance frameworks, the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard...
U.S. IRS Offers Temporary FATCA Relief for Financial Institutions
by admin | Jun 26, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has highlighted crucial temporary relief procedures for Reporting Singapore Financial Institutions (SGFIs) facing challenges in obtaining US Taxpayer Identification Numbers (US TINs) for pre-existing accounts under the...
IFRS Key June 2024 Updates and July Meeting Agenda
by admin | Jun 21, 2024 | Accounting, Income Tax, Tech News
The IFRS Foundation has published significant updates across its digital platforms, including new technical materials and agenda details for upcoming advisory group meetings. Key developments include: ISSB Updates & Podcast: The International Sustainability...