Assignment of Tax Incentive Administration to Specialized Public Bodies
by admin | Apr 17, 2024 | Accounting, Income Tax, Tech News
Significant amendments to Singapore's Income Tax Act 1947 (ITA) and related subsidiary legislation came into effect on 12 April 2024, operationalizing a framework to delegate specific tax incentive administration functions to designated public bodies. This delegation...
IFRS 18 to Enhance Financial Performance Reporting
by admin | Apr 13, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued IFRS 18 Presentation and Disclosure in Financial Statements, a significant new standard designed to improve the transparency, comparability, and usefulness of financial performance information for...
High Court Reaffirms Limits on Challenging GST Board’s Factual Findings
by admin | Apr 10, 2024 | Accounting, Goods and Services Tax, Tech News
The Singapore High Court has dismissed an appeal by THM International Import & Export Pte Ltd (THM), reinforcing that factual determinations by the Goods and Services Tax Board of Review (Board) generally fall outside the scope of judicial appeal. The ruling...
IASB Proposes Enhanced Disclosure Rules for SME Supplier Finance, Foreign Currency Practices
by admin | Apr 9, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued a critical addendum exposure draft as a supplement to its 2022 Exposure Draft concerning the IFRS for SMEs Accounting Standard. This supplementary document, open for comment until 31 July 2024, introduces...
IRAS Key Compliance Focus Areas for 2024
by admin | Apr 6, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has updated its compliance guidance, outlining significant upcoming and ongoing areas of focus for taxpayers. Key priorities include heightened scrutiny on withholding tax compliance and persistent issues observed in...
Tax Board Dismisses Appeal on Property Sale Gains
by admin | Apr 5, 2024 | Accounting, Income Tax, Tech News
The Income Tax Board of Review (the Board) has dismissed a taxpayer's appeal challenging the Comptroller of Income Tax's assessment of gains from the sale of two properties as taxable income, ruling the taxpayer failed to demonstrate the assessments were excessive....
Ruling on REIT Solar Income Excluded from Tax Transparency Treatment
by admin | Apr 4, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has clarified that income derived from the sale of solar-generated electricity by Real Estate Investment Trusts (REITs) does not qualify for tax transparency treatment under the Income Tax Act 1947. The determination was...
IRAS Clarifies Capital vs. Revenue Test for Related-Party Property Transfers
by admin | Apr 3, 2024 | Accounting, Income Tax, Tech News
Singapore’s Inland Revenue Authority (IRAS) has released an Advance Ruling Summary No. 4/2024 on 1 April 2024, addressing whether the transfer of properties between related entities constitutes a capital transaction or revenue-based disposal. The ruling outlines a...
Ruling Summary on Wether Exchange Fee as “Break Cost”
by admin | Apr 3, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released an Advance Ruling Summary No. 2/2024, addressing a key question regarding the classification of an exchange fee paid during a note exchange transaction for income tax purposes. Ruling Summary: Entity: The...
IRAS Tightens GST Concession for Gold Jewellery Trade-Ins
by admin | Apr 2, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced a significant change to the Goods and Services Tax (GST) administrative concession applicable to trade-in transactions within the gold jewellery industry, effective 1 January 2025. Current Concession:...