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...
Overview to Budget 2021 (1) Support for workers and businesses
On or about 16 Feb 2021, Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat has in his Budget Statement for the Financial Year 2021 make the following tax changes announcement, The full Budget Speech package is available at the Singapore Budget...
Webinar on Explaining the ED Regulatory Assets and Regulatory Liabilities
On or about 15 February 2021, the IFRS Foundation announced that it will hold a live webinar on the International Accounting Standards Board’s (IASB) consultation on regulatory assets and regulatory liabilities. The webinar is scheduled to held on Wednesday 24...
February 2021 IFRS Advisory Council agenda and agenda papers available
On or about 12 February 2021, the agenda papers and the agenda for the IFRS Advisory Council meeting to be held on 23 February 2021 were made available by IFRS. The topics to be discussed are: Update on the International Accounting Standards Board's work...