Personal tax reliefs and rebates – IRAS website updated
On or about 9 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to information on personal tax reliefs and rebates. An individual taxpayer is are eligible for personal reliefs and rebates if he/she is a Singapore Tax Resident...
Object to Assessment for Individual Tax Filing
On or about 29 Jan 2022, the Inland Revenue Authority of Singapore (IRAS) has updated the website content with regards to make changes after filing the original Income Tax Return, i.e., re-file via myTax Portal. After filing After a taxpayer have filed his or her...
The ASC issues SFRS (International) 2022 Volume
On or about 11 Jan 2022, the Accounting Standards Council (ASC) Singapore has issued a 2022 Singapore Financial Reporting Standards (International) (SFRS(I)s) effective for annual reporting periods starting from 1 January 2022. The SFRS(I)s include standards and...
Revised Edition of Singapore Acts of Parliament
On or about 31 Dec 2021, under s 10 of the Revised Edition of the Laws Act 1983, the Law Revision Commission has published a revised edition of the following Acts: Companies Act 1967Economic Expansion Incentives (Relief from Income Tax) Act 1967Estate Duty Act...
Challenges faced on e-Commerce
Determining whether a supply is a B2B supply or B2C supply Under the Overseas Vendor Registration (OVR) regime, overseas suppliers are required to treat the services as supplied to a non-GST registered customer and charge and account for GST on their supplies. This is...
Regulations on refunds of GST released
Where a return shows that the amount of input tax paid by the taxable person has exceeded the output tax which the taxable person has charged to the customers, the difference will be repaid to the taxable person (s 19(5) of the GST Act). Tax credits may be refunded...
Singapore-Armenia DTA
On or about 23 Dec 2021, the Agreement between the Singapore and Armenia for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (“DTA”), signed on 8 July 2019, entered into force on 23 December 2021. The...
Singapore-Jordan DTA
On or about 3 Jan 2022, the Agreement between Singapore and Jordan for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (“DTA”) was signed on 14 Jul 2021, entered into force on 30 December 2021. The DTA...
Amendment Orders on GST import relief released
On or about 3 Jan 2022, the amendment orders that update the list of goods granted relief from import GST have been released. Subject to conditions, the following imports are granted relief from the payment of GST: from 16 December 2021, the import of a “Class 2 CTGT...
GST e-Tax Guide: Taxing imported services by way of an overseas vendor registration regime
On or about 16 Dec 2021, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the GST e-Tax Guide on Taxing imported services by way of an overseas vendor registration regime. It replaces the second edition that was issued on 26 Aug...