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...
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....