IRAS Designates Point of Contact for GloBE Rules & Domestic Top-up Tax Inquiries
by admin | May 9, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced a dedicated point of contact for taxpayer inquiries concerning the impending Global Anti-Base Erosion (GloBE) Rules and Singapore's Domestic Top-up Tax (DTT). This follows recent updates to the GloBE Rules...
IRAS Intensifies Crackdown on Missing Trader Fraud, Elaborates on Critical “Knowledge Principle”
by admin | May 7, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has significantly bolstered its guidance concerning the detection and enforcement of Missing Trader Fraud (MTF) schemes, identified as a major Goods and Services Tax (GST) compliance risk. New content, including a...
GST Amendments Clarifying Tax Treatment of Public Agency Supplies
by admin | May 3, 2024 | Accounting, Goods and Services Tax, Tech News
Significant amendments to Singapore's Goods and Services Tax (GST) regime concerning supplies made by public agencies came into force following Presidential assent on 17 April 2024. The Goods and Services Tax (Amendment) Act 2024 (Act No. 14 of 2024) (the Amendment...
IRAS Commences Enterprise Innovation Scheme Cash Payouts
by admin | Apr 30, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced the commencement of cash payout disbursements under the Year of Assessment (YA) 2024 Enterprise Innovation Scheme (EIS) starting April 2024. Eligible businesses and individuals operating as sole...
No Further Changes to IFRS 15 Revenue Recognition Rules
by admin | Apr 30, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has signalled stability for companies applying the IFRS 15 Revenue from Contracts with Customers standard, tentatively deciding against pursuing amendments or clarifications across several key areas following its...
7-Year Record Keeping for EIS Cash Payout Claims
by admin | Apr 25, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has issued significant updates to its record-keeping requirements, notably mandating a 7-year retention period for documents supporting Enterprise Innovation Scheme (EIS) Cash Payout claims. The updates, published on 23...
Availability Dates for Corporate Tax Filing (YA 2024)
by admin | Apr 19, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has confirmed the activation schedule for its digital corporate income tax filing services for the Year of Assessment (YA) 2024. Companies can begin submitting their returns electronically from 1 July 2024. The services...
Supply Chain Disruptions Force Major Transfer Pricing Recalibrations
by admin | Apr 18, 2024 | Accounting, Income Tax, Tech News
Persistent global supply chain disruptions are compelling multinational enterprises (MNEs) to fundamentally reassess transfer pricing (TP) models. Events including the COVID-19 pandemic, US-China trade tensions, and Red Sea instability have exposed systemic...
Updates Tax Exemption Rules for Non-Resident Payments
by admin | Apr 18, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced amendments to several key notifications governing tax exemptions for specific interest and other payments made to non-residents. These changes, enacted under Section 13(4) of the Income Tax Act 1947 (ITA),...
Phased Adoption of InvoiceNow E-Invoicing for GST-Registered Businesses
by admin | Apr 18, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) and the Infocomm Media Development Authority (IMDA) have announced a phased mandate requiring all Goods and Services Tax (GST)-registered businesses to adopt the InvoiceNow network for transmitting e-invoice data to...