Key Amendments to Financial Instrument Classification & Measurement Rules
by admin | May 31, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued targeted amendments to the classification, measurement, and disclosure requirements for financial instruments under IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. These changes...
Variable Capital Companies (VCC) Act for Corporate Secretarial Providers
by admin | May 27, 2024 | Accounting, Company Law, Income Tax, Tech News
For a Corporate Secretarial Provider (CSP), managing a VCC demands specialized expertise focused on its unique capital flexibility, complex sub-fund architecture, stringent financial reporting/audit regime, and dynamic regulatory environment. Success requires...
Proposes IFRS Taxonomy Amendments to Align with IFRS 18 Reporting Requirements
by admin | May 25, 2024 | Accounting, Auditing, Income Tax, Tech News
The International Accounting Standards Board (IASB) has released an exposure draft proposing significant updates to the IFRS Accounting Taxonomy. These amendments are designed to fully incorporate the new presentation and disclosure mandates established by IFRS 18...
Interactive Withholding Tax Rate Guides for Non-Resident Payees
by admin | May 24, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has enhanced its digital resources for taxpayers making payments to non-residents with the introduction of two new online tools: the Withholding Tax Applicability Guide for Non-resident Individuals and the Withholding...
IRAS Targets Withholding Tax Compliance in New Enforcement Push
by admin | May 22, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has designated withholding tax (WHT) compliance as a critical enforcement priority for the upcoming tax year, signaling intensified scrutiny on cross-border payments. On 3 April 2024, IRAS updated its Corporate Income...
Medical Practitioner’s Anti-Avoidance Challenge Dismissed
by admin | May 21, 2024 | Accounting, Employment, Income Tax, Tech News
The Income Tax Board of Review has dismissed an appeal by a medical practitioner (identified as GIP) against the Inland Revenue Authority of Singapore's (IRAS) application of the general anti-avoidance provision (Section 33 of the Income Tax Act). The ruling...
Tax Rulings in 2023 for “Capital” and “Plant” Classification
by admin | May 17, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Singapore High Court and Income Tax Board of Review delivered two pivotal judgements in 2023 clarifying critical distinctions between capital/revenue receipts and plant/building classifications. These rulings carry significant implications for corporate...
IRAS Audit on the “99-to-1” Property Scheme to Curb ABSD Avoidance
by admin | May 14, 2024 | Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) is actively auditing and challenging "99-to-1" co-ownership arrangements used by residential property purchasers seeking to circumvent Additional Buyer’s Stamp Duty (ABSD) liabilities. This enforcement action targets...
New IFRS 19 for Subsidiaries without Public Accountability, Slashing Disclosure Burden
by admin | May 11, 2024 | Accounting, Income Tax, Tech News
In a significant move to streamline financial reporting for smaller entities within corporate groups, the International Accounting Standards Board (IASB) has issued IFRS 19 Subsidiaries without Public Accountability: Disclosures. This new standard specifically targets...
Proposed Amendments for Accounting of Renewable Electricity Contracts
by admin | May 10, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has published an Exposure Draft (ED) outlining narrow-scope amendments to address accounting challenges arising from renewable electricity contracts. The proposals target IFRS 9 Financial Instruments (and its...