IASB provides narrow-scope amendment to insurers applying IFRS 17
On or about 9 Dec 2021, the International Accounting Standards Board (IASB) has issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, providing insurers with an option aimed at improving the usefulness of information to...
CRS Registration and Deregistration – IRAS website updated
On or about 6 Dec 2021, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to information on common reporting standard (CRS) registration and deregistration. An entity that becomes a Reporting Singaporean Financial Institution (SGFI)...
IASB proposes disclosure requirements to enhance the transparency of supplier finance arrangements
On or about 26 Nov 2021, the International Accounting Standards Board (IASB) has published for comments on the proposed changes in disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities and...
IASB proposes narrow-scope amendments to classification of long-term debt with covenants
On or about 19 Nov 2021, the International Accounting Standards Board (IASB) has released for comments proposed amendments to IAS 1 Presentation of Financial Statements to improve the disclosure of information about a company’s long-term debts with covenants. IAS 1...
Release of Amendment Order on GST Import Relief
On or about 12 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has released the GST (Imports Relief) (Amendment) Order 2021 that updates the list of goods granted relief from import GST, which will comes into operation on 13 August 2021. From 13 August...
2021 Rental Support Scheme
On or about 10 Aug 2021, the Ministry of Finance (MOF) has released the Inland Revenue Authority of Singapore (Assignment of Functions) (No. 2) Notification 2021 that comes into operation on 6 August 2021. From 6 August 2021, the Inland Revenue Authority of Singapore...
Revised e-Tax Guide – Transfer Pricing Guidelines
On or about 10 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has published the sixth edition of the e-Tax guide, GST: Transfer Pricing Guidelines. It replaces the fifth edition published on 23 Feb 2018. This e-Tax guide aims to helps in: applying the...
Amendment order on Exempt Imports
On or about 10 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has released the GST (Amendment of Fourth Schedule) Order 2021 that updates the list of exempt imports of investment in precious metals, which will comes into operation on 6 August 2021. From 6...
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...