GST InvoiceNow Reporting to IRAS to Be Rolled Out in Phases from November 2025
GST-registered businesses in Singapore will progressively be required to transmit invoice data to IRAS through InvoiceNow-ready accounting or finance solutions. The obligation will be phased in from 1 November 2025 to 1 April 2031, depending on the business’s GST...
Are Your Ready for GST InvoiceNow, #SFFS, Payroll Integration and Digital Compliance
Singapore’s business compliance environment is moving steadily towards digital filing, structured e-invoicing and software-driven automation. This shift means that accounting, payroll and invoicing systems should no longer be viewed only as back-office tools. They are...
Substainability to an Accounting Practice – From a Small Practice Owner Perspective
To many small accountancy practices, the word “sustainability” not only refers to environmental responsibility, but one that can remain profitable, resilient, relevant, and valuable to clients over the long term. From the perspective of a small practice, one important...
Practical Supplement: Actionable Steps to Advance Sustainability Performance
Building on the four-part series on substaintability business, this practical analysis draws on observed successes and recurring challenges across organisations of all sizes. These steps are designed for immediate implementation, regardless of an organisation’s level...
IRAS Proposes Mandatory Digital Filing for Corporate Tax Assessment Revisions and Objections from 1 July 2027
The Inland Revenue Authority of Singapore (IRAS) is proposing to require all companies to submit corporate income tax assessment revisions and objections through its Revise/Object to Assessment digital service from 1 July 2027. The proposal is expected to be subject...
SFRS(I) 12 Disclosure Requirements: Reassess Reporting Obligations for Interests in Other Entities
Entities with interests in subsidiaries, joint arrangements, associates or unconsolidated structured entities should ensure that their SFRS(I) 12 disclosure assessment is complete and properly documented. The standard also requires transparent disclosure of...
SFRS(I) 15: Estimation Methods and Practical Challenges
Entities applying SFRS(I) 15 must allocate the transaction price to each distinct performance obligation based on relative standalone selling prices (SSPs). When direct SSPs are unavailable, the standard permits estimation using prescribed approaches – adjusted market...
IRAS Clarifies Administration of Refundable Investment Credit Scheme
IRAS has updated the administrative procedures for applications and claims under Singapore’s Refundable Investment Credit (RIC) scheme. The update clarifies the roles of the approving agencies, the claim verification process, utilisation options, and the procedures...
AI-Enabled Audit Practice and Governance Considerations
Artificial intelligence is becoming an essential component of modern audit practice, particularly as audit clients increasingly adopt digital tools, automation, cloud systems and AI-enabled business processes. For audit firms, the practical value of AI lies not in...
M&A Tax: Managing Deal Risk Through Due Diligence, Structuring and Contractual Protection
Mergers and acquisitions are rarely driven by tax alone, but tax can materially affect whether a transaction is commercially viable, how it should be structured, and how value is ultimately preserved. In any M&A transaction, tax considerations may affect the...