Singapore and Rwanda Amend Tax Treaty to Strengthen Anti-Abuse Provisions
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
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
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
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
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
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
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
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...
MOF Responses to Public Feedback on Global Minimum Tax Legislation
The Ministry of Finance (MoF) has released its comprehensive responses to the public consultation feedback received on the draft Multinational Enterprise (Minimum Tax) Bill and its accompanying subsidiary legislation. The consultation, which sought input from...
IASB Releases Proposed 2024 IFRS Accounting Taxonomy Update
The International Accounting Standards Board (IASB) has published a proposed update to the IFRS Accounting Taxonomy 2024, integrating new and amended IFRS Standards finalized earlier this year. The taxonomy aims to standardize digital financial reporting under IFRS,...