Advance Ruling Summary on tax treatment of expenditure incurred to acquire a new business
On or about 30 Jun 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 3/2020 with regards to "Expenditure incurred to acquire a new business". The Subject was whether: Whether company may claim a deduction of...
Implementation of Revised XBRL filing requirements
The revisions aim are part of the ACRA’s continual efforts to streamline filing requirements. For most companies, the number of data elements required to be filed with ACRA will be reduced for most of the companies. Timeline for implementation of revised XBRL filing...
e-Tax Guide on Property Tax Rebate for Qualifying Commercial Properties – Budget 2020
On or about 18 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide on Property Tax Rebate for Qualifying Commercial Properties — Budget 2020. This e-Tax Guide provides details on the property tax rebate for qualifying...
Common Reporting Standard information reporting updates
On or about 11 February 2020, the Inland Revenue Authority of Singapore (IRAS) updates information on List of Reportable Jurisdictions for 2020 Common Reporting Standard (CRS) information reporting. The CRS is an internationally agreed standard for the automatic...
Singapore Budget 2020
The Ministry of Finance (MOF) said that the Deputy Prime Minister and Finance Minister Heng Swee Keat would deliver Singapore’s 2020 Budget Statement in Parliament on 18 February 2020 at 3 pm. The MOF together with government feedback portal Reach and the People’s...
Bulk Extension for Filing of Individual Income Tax Returns for YA 2020
On or about 7 February 2020, the Inland Revenue Authority of Singapore (IRAS) updates information on “bulk extension for filing of individual income tax returns for YA 2020”. The IRAS will allow one common bulk extension on 30 June 2020 for all tax agents to file...
A Leg-Up for Businesses – Budget 2020
On or about 7 February 2020, the Second Minister for Finance and Education Indranee Rajah said in a radio interview that Budget 2020 will be “comprehensive”, with “assurance and support” to those families and households affected by the novel coronavirus outbreak. Ms...
GST hike in Singapore
The Government had announced during Budget 2018 that it plans to raise the GST from 7% to 9%, sometime between 2021 and 2025, while Singapore faced growing expenditures in healthcare, security and other forms of social spending. This is expected to raise additional...
Exchange of Information (EOI) Arrangement with the United States of America
On or about 6 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published on its website that the Exchange of Information (EOI) Arrangement signed between Singapore and the United States of America on 13 November 2018, will enter into force on 5...
Top concerns for Budget 2020
The findings from REACH (the government feedback unit) and the People’s Association (PA) on 5 February 2020 revealed that worries over climate change and the looming goods and services tax (GST) hike were also among the key concerns for the public with regards to...