e-Tax Guide, Transfer Pricing Guidelines Special Topic – Centralised Activities in Multinational Enterprise Groups
On or about 19 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published an IRAS e-Tax Guide on Transfer Pricing Guidelines Special Topic – Centralised Activities in Multinational Enterprise Groups. This e-Tax Guide: Discusses the economic value...
e-Tax Guide, Tax Treatment on Donations with Benefits (Donations made on or after 19 Mar 2021)
On or about 19 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published a revised edition of the IRAS e-Tax Guide on Tax Treatment On Donations With Benefits (Donations made on or after 19 Mar 2021). It replaces the first edition published on 1 May...
e-Tax Guide, Tax Treatment On Donations With Benefits (Donations made before 19 Mar 2021)
On or about 19 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published a revised edition of the IRAS e-Tax Guide on Tax Treatment On Donations With Benefits (Donations made before 19 Mar 2021). It replaces the first edition published on 1 May 2006....
e-Tax Guide, Income Tax Treatment of a Trust registered under the Business Trusts Act
On or about 10 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the e-Tax Guide on Income Tax Treatment of a Trust registered under the Business Trusts Act. It replaces the second edition published on 8 Jan 2019. This e-Tax...
e-Tax Guide, Carry-back Relief System
On or about 5 Mar 2021, the Inland Revenue Authority of Singapore (IRAS) has published the seventh edition of the e-Tax Guide on Carry-back Relief System. It replaces the sixth edition published on 3 Dec 2020. This e-Tax Guide provides details on the carry-back relief...
Overview to Budget 2021 (6) Withholding tax
Extend and rationalise the withholding tax (“WHT”) exemptions for the financial sector To support Singapore’s value proposition and competitiveness of our financial sector, the following changes will be made:The existing WHT remission for interbank / interbranch...
Overview to Budget 2021 (5) Other tax changes
Extend the 250% Tax Deduction for Qualifying Donations The 250% tax deduction to qualifying donations to IPCs and other qualifying recipients will be extended for another 2 years for donations made during the period from 1 January 2022 to 31 December 2023. Eligible...
Overview to Budget 2021 (4) Goods and Services Tax
GST rate Extension of GST to goods imported via air or post that are valued up to (and including) the current GST import relief threshold of S$400 (“low-value goods”) The Government had announced in the 2018 Budget that it would need to increase the GST rate sometime...
Overview to Budget 2021 (3) Tax Incentives
Extend the Not-for-Profit Organisation (“NPO”) tax incentive To continue attracting Not-for-Profit Organisations (NPOs) to Singapore, the NPO tax incentive which provides tax exemption on the income derived by an approved NPO, will be extended till 31 December 2027....
Overview to Budget 2021 (2) Business and Corporate tax
Extend the Year of Assessment (“YA”) 2020 enhancements to the carry-back relief scheme The enhancements to the carry-back relief scheme for YA2020 will be extended to apply to qualifying deductions for YA2021, with the same parameters. With this extension, the...