High Court Reaffirms Limits on Challenging GST Board’s Factual Findings
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
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
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
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
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
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”
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
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:...
Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12
On or about 10 May 2022, the International Accounting Standards Board (IASB) conducts a Post-implementation Review (PIR) of each new IFRS Standard or major amendment. A PIR is a mandatory step in the due process for new IFRS Standards or major amendments to IFRS...
Pension Benefits that Depend on Asset Return
On or about 26 April 2022, the International Accounting Standards Board (IASB) has published a Project Summary on its research project Pension Benefits that Depend on Asset Returns. From 2018 to 2021 the IASB researched the feasibility of amending IAS 19 Employee...