The ASC submitted comments on Non-current Liabilities with Convenants and Supplier Finance Arrangement
On or about 25 Mar 2022, the Accounting Standards Council Singapore (ASC) has submitted its comment letter for the exposure draftS on ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) and ED/2021/10 Supplier Finance Arrangements (Proposed...
Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16)
On or about 24 Mar 2022, the IFRS Interpretations Committee has discussed the following agenda decision and tentatively decided not to add a standard-setting project to the work plan. Tentative Agenda Decision The IFRS Interpretations Committee received a request...
Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17)
On or about 24 Mar 2022, the IFRS Interpretations Committee has discussed the following agenda decision and tentatively decided not to add a standard-setting project to the work plan. Tentative Agenda Decision The IFRS Interpretations Committee received a request...
Special Purpose Acquisition Companies: Classification of Public Shares as Financial Liabilities or Equity (IAS 32)
On or about 24 Mar 2022, the IFRS Interpretations Committee has discussed the following agenda decision and tentatively decided not to add a standard-setting project to the work plan. Tentative Agenda Decision A request about applying IAS 32 in relation to the...
IRAS e-Tax Guide: Tax Treatment of Public-Private Partnership Arrangements
On or about 18 Mar 2022, the Inland Revenue Authority of Singapore (IRAS) has published the Fourth edition of the e-Tax guide, Income Tax: Tax Treatment of Public-Private Partnership Arrangements. It replaces the Third edition published on 22 Feb 2019. This e-Tax...
Singapore-Greece Convention
On or about 14 Mar 2022, the Convention between the Singapore and the Government of the Hellenic Republic (“Greece”) for the Elimination of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (“the Convention”), signed...
Tax Season 2022 – IRAS website updated
On or about 3 Mar 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to tax season 2022 - all you need to know. An individual taxpayer may start filing for the Year of Assessment 2022 from 1 Mar 2022: A filing notification...
Advance Ruling System for Income Tax – IRAS website updated
On or about 1 March 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to income tax advance ruling. An advance ruling is a written interpretation of the Income Tax Act 1947 on how certain issues that arise from a proposed...
Tax Season 2022: No Filing of Tax Returns for 7 in 10 Taxpayers
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
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...