GST e-Tax Guide on Exemption of Investment Precious Metals (IPM)
On or about 3 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has published the fifteenth edition of the e-Tax guide, GST: Guide on Exemption of Investment Precious Metals (IPM). It replaces the fourteenth edition published on 15 Oct 2018. This e-Tax guide...
Payments on Over-the-counter Financial Derivatives in connection with an Asset Securitisation transaction
Certain payments may be subject to a reduced rate of withholding tax, or exempted from withholding tax, pursuant to relief provisions of the Income Tax Act or the Economic Expansion Incentives (Relief from Income Tax) Act (EEIA), or government policy. On or about 5...
Disbursement of first rental support scheme (RSS) payouts from 6 Aug 2021
On or about 28 May 2021, the Minister for Finance (MOF) announced the RSS to support businesses with rental costs, as part of a package of support measures to help businesses tide over restrictions under Phase 2 (Heightened Alert) from 16 May to 13 June 2021. Small...
New Bill passed to help more parents without maternity or paternity leave cash benefits
On or about 5 July 2021, a new Bill introduced will provide benefits to parents who were not eligible previously including those who adopt if their current employment does not qualify them for maternity and paternity leave. Parliament passed the proposed Child...
GST Missing Trader Fraud
On or about 4 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has published in its website news on following investigations by the Commercial Affairs Department (CAD) and the Inland Revenue Authority of Singapore (IRAS). Six persons were charged today for...
Advance release of Q2 Labour Market Report
On or about 30 July 2021, the Ministry of Manpower (MOM) has released Report on Labour Market Advance Release Second Quarter 2021. As the slower pace of resident employment growth was outweighed by the sharper declines in non-resident employment, total employment...
GST e-Tax Guide on Taxing imported remote services by way of the Overseas Vendor Registration regime
On or about 30 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of the e-Tax guide, GST: Taxing imported remote services by way of the overseas vendor registration regime The Minister for Finance has announced in his Budget...
GST e-Tax Guide on Taxing imported low-value goods by way of the Overseas Vendor Registration Regime
On or about 30 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of the e-Tax guide, GST: Taxing imported low-value goods by way of the Overseas Vendor Registration Regime. The Minister for Finance has announced in his Budget...
Dormant Companies
On or about 30 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has updated the website content on Dormant Companies. A dormant company is one that does not carry on business and has no income for the whole of the basis period. From YA 2020, a dormant...
Income Tax (Transfer Pricing Documentation) (Amendment) Rules
On or about 23 Jul 2021, the Ministry of Finance (MOF) has released the Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2021 and come into operation on 29 July 2021. It update the list of routine support services exempted from the requirement to prepare...