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...
Companies Applying for Strike-off
On or about 28 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has updated the content on Companies Applying for Strike off/ to Cease Registration. A company may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the...
The Updated Indonesia-Singapore Tax Treaty
On or about 23 Jul 2021, the updated Indonesia-Singapore double taxation agreement (DTA) entered into force, strengthening efforts to prevent tax evasion, increase the tax base, and increase investments between the two countries. There were 3 significant changes to...
IASB clarifies the accounting for deferred tax on leases and decommissioning obligations
On or about 7 May 2021, the International Accounting Standards Board (IASB) has issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to clarify how companies should account for deferred tax on leases and decommissioning obligations. IAS 12 Income...
e-Tax Guide GST: The Electronic Tourist Refund Scheme (Refund claims made on or after 4 Apr 2019)
On or about 16 Apr 2021, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of the e-Tax guide, GST: The Electronic Tourist Refund Scheme (eTRS) (Refund claims made on or after 4 Apr 2019). It replaces the first edition published on 22...
e-Tax Guide, GST Guide on Insurance: Cash Payments and Input Tax on Motor Car Expenses
On or about 15 Apr 2021, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the GST Guide on Insurance: Cash Payments and Input Tax on Motor Car Expenses. It replaces the second edition published on 3 Apr 2017. This e-Tax Guide aims to...
e-Tax Guide Income Tax: Tax Exemption under Sec 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/Asset
On or about 9 Apr 2021, the Inland Revenue Authority of Singapore (IRAS) has published the seventh edition of the e-Tax Guide, Income Tax: Tax Exemption under Sec 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure...
Advance Ruling Summary on “Source of Franchise Income”
On or about 1 Apr 2021, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 3/2021 with regards to "Source of franchise income". The subject was whether the franchise income derived by a company is sourced outside...
IASB extends support for lessees accounting for COVID-19-related rent concessions
On or about 31 March 2021, the International Accounting Standards Board (IASB) has extended by one year the application period of the practical expedient in IFRS 16 Leases to help lessees accounting for COVID-19-related rent concessions that reduce lease payments due...
e-Tax Guide, Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses
On or about 31 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of the IRAS e-Tax Guide on Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses. It replaces the third edition published on 17 Aug 2020. This...