Public Consultation on Key GloBE Minimum Tax Implementation Regulations
In a significant step towards implementing the global minimum tax framework, the Inland Revenue Authority of Singapore (IRAS) has launched a public consultation on two critical sets of subsidiary legislation: the proposed Multinational Enterprise (Minimum Tax) (GloBE...
ASC Issues Key SFRS(I) Updates: Effective 2026 and 2027
The Accounting Standards Committee (ASC) has released significant amendments to the Singapore Financial Reporting Standards (International) [SFRS(I)], setting effective dates for 2026 and 2027. Entities are urged to commence impact assessments and transition planning...
Ruling on Characterisation of Subordinated Perpetual Securities
The Inland Revenue Authority of Singapore (IRAS) has released a significant Advance Ruling Summary No. 5/2024, clarifying the income tax characterisation of subordinated perpetual securities. This ruling addresses critical questions for issuers and investors regarding...
IASB concluded its Post-Implementation Review of IFRS 15, Flags Minor Areas for Future Review
The International Accounting Standards Board (IASB) has formally concluded its Post-Implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers (known as SFRS(I) 15 in Singapore), issuing a positive verdict that the standard is meeting its objectives...
GST Exemption List for Public Agency Supplies Expanded
Significant amendments to Singapore's Goods and Services Tax (GST) regulations concerning public agency supplies came into effect yesterday, 1 October 2024. The Goods and Services Tax (Non-taxable Public Agency Supplies) (Amendment No. 2) Order 2024 officially expands...
YA 2024 Corporate Tax Filing Deadline of 30 November 2024
The Inland Revenue Authority of Singapore (IRAS) has issued a formal reminder to all incorporated entities regarding the compulsory filing of Year of Assessment (YA) 2024 Corporate Income Tax Returns. The submission deadline is 30 November 2024, with no exceptions for...
IASB Launches Major Research Project to Enhance Cash Flow Statement Reporting
In a significant move responding to global stakeholder demand, the International Accounting Standards Board (IASB) has formally initiated a research project focused on reviewing and improving the reporting requirements for the statement of cash flows and related...
IASB Proposes Key Amendments to IAS 28
The International Accounting Standards Board (IASB) has launched a public consultation on proposed amendments to IAS 28 Investments in Associates and Joint Ventures. The changes aim to enhance the application of the equity method and provide stakeholders with improved...
Singapore and Kenya Conclude New Double Taxation Agreement
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
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...