Tax Season 2022: No Filing of Tax Returns for 7 in 10 Taxpayers
by admin | Mar 1, 2022 | Employment, Income Tax, Tech News
On or about 28 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has issued a media release on its website to tax season 2022 - No filing of tax returns for 7 in 10 taxpayers. IRAS reported that 7 in 10 taxpayers (or more than 1.6 million of 2.3 million...
Taxable and Non-taxable Income – IRAS website updated
by admin | Mar 1, 2022 | Income Tax, Tech News
On or about 28 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to information on taxable and non-taxable income. Generally, income accrued in or derived from Singapore or received from outside Singapore is taxable. Income...
IRAS e-Tax Guide: Tax treatment of ESOP and other forms of ESOW plans
by admin | Feb 28, 2022 | Employment, Income Tax, Tech News
On or about 25 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the e-Tax Guide on Tax treatment of employee stock options (ESOP) and other forms of Employee share ownership (ESOW) plans. It replaces the second edition...
FAQ on The Foreign Account Tax Compliance Act (FATCA) and IRAS Supplementary XML schema user guide for preparing the FATCA reporting data file
by admin | Feb 25, 2022 | Income Tax, Tech News
On or about 23 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated to FAQs on the Foreign Account Tax Compliance Act (FATCA), and published the fourth edition of IRAS User Guide : IRAS Supplementary XML Schema User Guide for Preparing the FATCA...
Withholding Tax (User guide to view/amend S45 Form and Document) – IRAS website updated
by admin | Feb 25, 2022 | Income Tax, Tech News
On or about 23 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated it website to User guide to view or amend Sec 45 Form and submit of Sec 45 Document. Singapore Corporate Access (or Corppass) is the sole authorisation system for entities to manage...
Global Interbank Offered Rate (“IBOR”) reform and Tax Implication
by admin | Feb 25, 2022 | Accounting, Income Tax, Tech News
On or about 23 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website content to Interbank Offered Rate reform. In view of the global Interbank Offered Rate (“IBOR”) reform, the Singapore Overnight Rate Average (“SORA”) will replace...
Imported low-value goods and B2C non-digital services straddling 1 Jan 2023
by admin | Feb 24, 2022 | Goods and Services Tax, Tech News
On or about 23 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its web page to rules on imported low-value goods and business-to-customer (“B2C”) non-digital services straddling 1 Jan 2023. The Minister for Finance announced in Budget 2021 that...
Transitional Rules for GST Rate Change
by admin | Feb 24, 2022 | Goods and Services Tax, Tech News
On or about 23 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its web page to transitional rules for GST rate change. Supplies that span the change of GST rate A supply spans the change of GST rate where one or two of the following events takes...
GST Rate Change for Businesses – IRAS website updated
by admin | Feb 23, 2022 | Goods and Services Tax, Tech News
On or about 22 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its web page to GST Rate Change for Businesses. In Budget 2022, the Minister for Finance announced that the GST rate will be increased from: 7% to 8% with effect from 1 Jan...
International Compliance Assurance Programme (ICAP)
by admin | Feb 22, 2022 | Income Tax, Tech News
On or about 21 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its website to how to participate in the International Compliance Assurance Programme (ICAP). The ICAP is a voluntary risk assessment and assurance programme to facilitate...