GST Amendments Clarifying Tax Treatment of Public Agency Supplies
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
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
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
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)
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
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
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
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...
Assignment of Tax Incentive Administration to Specialized Public Bodies
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
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...